Texas oil and gas executive pleads guilty to fraud
Western Pipeline owner John Arthur Apple Jr., who schemed with co-conspirators to trick investors into giving them money, told potential investors that they had invested in past Western Pipeline oil and gas projects that were a success, federal prosecutors say. Then Apple used the investors' money for other purposes, prosecutors say. This week, Apple pleaded guilty to felony offenses in connection with the scheme.
He will be sentenced in April and faces up to 5 years in prison on each count. Four conspirators also await sentencing.