Kentucky Businessman Convicted of Defraud in Natural-Gas Pipelin - WNKY.com | SoKY Community, Events, Weather

WNKY news

Kentucky Businessman Convicted of Defraud in Natural-Gas Pipeline

Posted: Updated:

A Kentucky businessman has been convicted of defrauding people who invested in a natural-gas pipeline in Tennessee.

Media reports say Clay Shelton was convicted of wire fraud, money laundering and securities fraud. Shelton faces up to 20 years in prison.

The Bowling Green man was charged with soliciting $1.37 million from 11 investors to use in buying the Monterey Pipeline in Tennessee. Shelton allegedly told investors their money would be held in escrow to secure a loan.

The indictment said Shelton told investors that after the loan came through, they would get their money back plus 25 percent, or the pipeline company would buy their interest in Tennessee wells.

Court documents say Shelton instead used the money for other purposes, including an investment in collateralized mortgage obligations that lost money.

Powered by Frankly

325 Emmett Ave
Bowling Green, KY 42101

General Phone: 270-781- 2140

Can't find something?
Powered by WorldNow
All content ©Copyright 2000 - 2017 WNKY. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.