Man sentenced for taking money from hundreds of Oklahomans in Ponzi scheme

A follow-up to a story you heard first on KRMG.

A former Tulsa-based promoter was sentenced to nine years in prison late this week.

Federal court records show Jimmy Morrisett had been accused of committing a $7 million dollar fraud, while promoting fake oil and gas investments.  He was formally the chief executive officer of the now defunct Red Earth Resources, Inc,. and Alpine Petroleum, LLC.

Morrisett had pled guilty to an unlawful monetary transaction.  Court records show this is connected with the money he received from a four year investor fraud scheme.

The Ponzi scheme is said to have 238 victims in Oklahoma and 37 in other states.

Court records show most of the victims were elderly and the people were drained of their life savings.