Oklahoma Oil Company Owner Guilty Of Fraud

An Oklahoma oil company owner is facing up to 250 years in prison after being convicted of defrauding investors in his company.

Federal court records show 52-year-old Wieck Oil Company owner Kevin Wieck of Cromwell was convicted Friday on 10 counts of wire fraud and five counts of money laundering in the case.

Wieck had pleaded not guilty to the charges.

Federal prosecutors say Wieck kept for himself at least $600,000 that a portion of which should have been paid to investors, and that he tried to sell a percentage of an oil well he never owned. Prosecutors say Wieck also kept more than $200,000 people had invested in his company.

Prosecutors say formal sentencing is expected in about 90 days.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.