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Oil and gas fraudster jailed for Oklahoma ponzi scheme

Oil and gas fraudster jailed for Oklahoma ponzi scheme

A con man who cheated old folks out of their life savings by selling them bogus oil and gas investments was jailed for nine years last week.

Jimmy Morrisett, 53, of Burnet, Texas pleaded guilty to running a ponzi scheme for four years that victimized 238 investors in the United States and Canada.

He promoted phony projects in Oklahoma.

Morrisett was once CEO of two Tulsa-based businesses, Red Earth Resources, Inc., and Alpine Petroleum, LLC.

He was also ordered to pay more than $6.8 million in restitution.

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