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Wednesday, September 30, 2020
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Banking Allen man gets 7 years in oil, gas investment scam

Allen man gets 7 years in oil, gas investment scam

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DALLAS (AP) — A North Texas man who ran an oil and gas investment scam has been sentenced to seven years in prison and must repay nearly $8.8 million.

Brian J. Polito of Allen was sentenced Wednesday in federal court in Dallas. Polito in May pleaded guilty to mail fraud stemming from his energy investment fraud scheme since 2011.

Investigators say Polito did not own or was not affiliated with oil and gas projects for which he solicited investors. Prosecutors say Polito spent most of the investment funds on personal items such as pricey cars, including several Lamborghinis.

Government officials sold most of the cars, a home and other luxury items in an effort to make restitution to victims.

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