KETR Local
1:49 pm
Thu June 9, 2011

Second oil fraud suspect pleads guilty, sentenced


Greenville – A Tarrant County man has pleaded guilty to participating in an alleged oil fraud scheme in Northeast Texas, which cost investors hundreds of thousands of dollars.

Kevin Hayes, of Euless, entered the guilty plea to a reduced charge Wednesday. He gets one year of probation and was ordered to pay restitution.

Two other defendants had status hearings rescheduled for next month, while an arrest warrant has been issued for a fourth defendant. In April, Chad Hayes, of McKinney, was convicted and sentenced to prison for his alleged role.

Prosecutors have claimed the men were involved in a scheme to defraud people who invested in Fannin County oil wells, which were never drilled.