Ex-oil and gas exec in Ky. sentenced to 52 months

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Associated Press

Posted on February 17, 2010 at 9:33 AM

LOUISVILLE, Ky. (AP) — A Louisville oil and gas executive has been sentenced to 52 months in federal prison and ordered to pay almost $3 million in restitution to investors for a scheme involving oil and gas reserves.

David G. Rose, 59, has already paid $1 million toward the restitution for 62 victims. He pleaded guilty in July to one count of tax evasion and 21 fraud-related counts. U.S. District Judge Thomas B. Russell handed down the sentence on Tuesday.

A federal grand jury in Louisville charged Rose in January 2008 with swindling investors out of millions by promising to invest in oil and gas exploration, then spending the funds on himself. A grand jury in Bowling Green also charged Rose with failing to pay taxes in 2001, then taking steps to hide his assets.

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