TULSA, Okla. (September 13, 2013)—Jimmy Morrisett, 53, of Burnet has been sentenced to nine years in prison after pleading guilty to charges stemming from a scheme involving fraudulent oil and gas investments in Oklahoma.
Morrisett of was sentenced Thursday after pleading guilty to an unlawful money transaction, federal prosecutors said Friday.
Morrisett was once the Tulsa-based chief executive officer of now-defunct Red Earth Resources, Inc., and Alpine Petroleum, LLC.
U.S. Attorney Danny Williams Sr. in Oklahoma says Morrisett ran a four-year investment scheme involving 238 investors across the United States and Canada.
Williams said the investments were actually part of a Ponzi scheme and many investors were elderly and lost their life savings.
Morrisett was also ordered to pay more than $6.8 million in restitution.