CEO of Bankrupt Metcalfe Co. Oil Firm Charged with Mail Fraud

By Associated Press | 

LOUISVILLE, Ky. (AP) — The CEO of a bankrupt southern Kentucky oil company has been charged with scamming investors into giving him money for three oil partnerships in Kentucky and Tennessee.

The charges against Anthony L. Young of Knob Lick, who ran Young Oil in Metcalfe County, are the latest in a long-running saga enveloping the businessman and his company.

The latest case stems from allegations that Young convinced an investor in North Carolina to send $30,000 in September 2008 to help offset the $750,000 cost of drilling wells. Prosecutors say Young never used the money for the wells.

Young ran Young Oil Corp. as it collapsed into bankruptcy in 2009, two months before a Franklin Circuit Court Judge found that the CEO and his company committed fraud and violated the Kentucky Securities Act.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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