Henry Irving Ramer, Mail and Securities Fraud, Kentucky 2024

FRANKFORT – A California man was sentenced to 13 years in federal prison for his role in a multi-million dollar oil investment scheme in Kentucky that defrauded over 200 investors nationwide of more than $3,000,000.

Henry Irving Ramer, 76, was sentenced by U.S. District Judge Gregory Van Tatenhove for mail fraud, securities fraud, and conspiracy to launder money. Under federal law, Ramer must serve at least 85 percent of his prison sentence. Upon his release, he will be under the supervision of the U.S. Probation Office for 3 additional years.

Ramer was convicted by a jury in May of this year. According to the evidence at trial, Ramer and others raised money from investors by making misrepresentations and failing to disclose material facts about the oil well investments in Barren, Monroe, and Cumberland Counties. Ramer’s role was as a salesman and manager of two Los Angeles-based telemarketing sales operations. In 2013 and 2014, he and his team cold-called potential investors around the country and fraudulently convinced many of them to invest. Ramer also created false offering memorandums and a promotional video. Every one of the investors lost all or nearly all of their investment.

In January 2015, John Westine, another leader of the scheme, was convicted of mail fraud, securities fraud, and money laundering conspiracy after a two-week jury trial. He is scheduled for sentencing on September 18. Another co-defendant, Mark Cornell, has pleaded guilty and is also set for sentencing later this month. A fourth defendant, Westine’s half-brother Michael Hicks, was sentenced in July to three years in prison for his role.

The investigation started when investors submitted complaints to the Kentucky Department of Financial Institutions, Division of Securities. The investigation was conducted by the U.S. Postal Inspection Service, including Postal Inspector Roberta Bottoms, and the Kentucky Department of Financial Institutions, Division of Securities. U.S. Attorney Kerry B. Harvey, Inspector in Charge Dugan Wong, and Commissioner Charles Vice jointly made the announcement.

Assistant U.S. Attorneys Ken Taylor and Neeraj Gupta prosecuted these cases on behalf of the federal government. The investigation has resulted in a total of four convictions and 1 sentencing, with more defendants still awaiting sentencing.

RELATED: Fentanyl Queen

RELATED: Tax Prep Scam

Related Federal Cases