Anthony Young Sentenced to 33 Months in Prison
Young receives short sentencing after scamming investors out of $20 million
August, 20, 2014. Tompkinsville, Ky.- U.S. District Judge Thomas B. Russell sentenced Anthony L. Young of Young Oil to 33 months in prison on Aug. 19 for scamming investors in Kentucky and Tennessee out of $20 million in three oil partnerships.
Young was facing up to 57 years in prison, but he only received 33 months because of a plea bargain to pay $1 million in restitution to more than 50 investors out of the 200 who invested in his company, $493,000 in back taxes to the Internal Revenue Service and assistance in helping prosecutors locate any property worth more than $5,000 that he transferred to third parties while running the investment scam.
Young scammed his investors out of $20 million, most of which he used for personal gain. He had a jet, a helicopter, a corvette and the biggest belt buckle he could find, to name just a few of his many expensive toys.
Young’s attorney, Fred Partin, requested that Young be placed in a treatment program while in prison. Judge Russell agreed to the request and suggested that Young be placed in a federal prison near his family.
Colt Ledger & Associates Inc. is representing 35 of the 200 investors Young scammed. Those at Colt Ledger feel that Young got off easy and that he is basically being paid to go to prison. According to Ledger, Young profited $18,507,000 from his scam after being ordered by Judge Russell to pay back only $1 million of the $20 million he scammed out of investors, and then the $493,000 in back taxes to the IRS.
The federal bankruptcy case against Young is currently pending.
If you have any questions or comments, please contact Colt Ledger & Associates, Inc. at 270-407-5041, or at email@example.com.