Fake Investment Scheme

A Kentucky man has been sentenced to nine years in federal prison for using fake investment schemes to bilk people out of $2.4 million.Rodney Scott Phelps, 58, of Somerset, was also ordered in federal court last week to pay restitution.Prosecutors said Phelps and a co-defendant convinced investors to pour money into an oil venture opportunity involving the government of Belize. Another scheme involved investing in various commodities markets and a third convinced victims to invest in a Mississippi casino purchase.

Source: MG News

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