{Lexington, Kentucky}...Friday, U.S. District Judge Karen Caldwell sentenced Campbellsville businessman 58 year old Gary Moss Milby to 20 years in prison for mail, wire and securities fraud. A federal jury convicted Milby and 48 year old Bryan S. Coffman in May 2011 of defrauding investors in an oil-and-gas drilling scheme. Caldwell ordered Milby and Coffman jointly to pay full restitution in excess of $36 million. From 2004 through 2008, Milby and Victor Tsatskin of Canada solicited more than $36 million from about 600 investors across the United States and Canada. Tsatskin is currently serving a prison sentence in Canada. Prosecutors say Coffman and Milby used the money to pay for boats and vehicles, real estate, jewelry, parties, family travel and trust funds. Coffman was sentenced Wednesday to 25 years in prison.Friday, May 4, 2012
Man Sentenced In Oil Scam
{Lexington, Kentucky}...Friday, U.S. District Judge Karen Caldwell sentenced Campbellsville businessman 58 year old Gary Moss Milby to 20 years in prison for mail, wire and securities fraud. A federal jury convicted Milby and 48 year old Bryan S. Coffman in May 2011 of defrauding investors in an oil-and-gas drilling scheme. Caldwell ordered Milby and Coffman jointly to pay full restitution in excess of $36 million. From 2004 through 2008, Milby and Victor Tsatskin of Canada solicited more than $36 million from about 600 investors across the United States and Canada. Tsatskin is currently serving a prison sentence in Canada. Prosecutors say Coffman and Milby used the money to pay for boats and vehicles, real estate, jewelry, parties, family travel and trust funds. Coffman was sentenced Wednesday to 25 years in prison.