KY Oil Company Officials Charged With...

KY Oil Company Officials Charged With Fraud

There are 78 comments on the WLEX-TV Lexington story from Dec 31, 2008, titled KY Oil Company Officials Charged With Fraud. In it, WLEX-TV Lexington reports that:

Six officials from Target Oil and Gas and Kentucky and Indiana Oil and Gas companies in Danville were arraigned Tuesday in U.S. District Court for a 26-count indictment, issued earlier this month, that accused ...

Join the discussion below, or Read more at WLEX-TV Lexington.

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dang

Columbia, KY

#1 Jan 1, 2009
Is this the mark irwin that was from albany?
computer whiz

Clinton, IA

#2 Jan 1, 2009
it probably is I think he had moved to cookeville Tn.
computer whiz

Clinton, IA

#3 Jan 1, 2009
so have they closed target oil and gas here in albany till they find out what happens next or is it still open
READTHISEVR1

Bolivar, TN

#4 Jan 1, 2009
it is still opened
Maybe

Lexington, KY

#5 Jan 1, 2009
They belong in jail. All they were doing was scaming people out of money. However, if those people were stupid enough to give them money then they deserved what they got.

alittlerusty

Since: Sep 08

Jackson, KY

#6 Jan 1, 2009
Maybe wrote:
They belong in jail. All they were doing was scaming people out of money. However, if those people were stupid enough to give them money then they deserved what they got.
nobody deserves to be robbed.if you are involved with someone in business or investment,and someone crooks you and you are unaware of it,its not your fault.if i trade or sold you something that i had doctored up,and you couldn't find it until later,is it your fault.no.there is no excuse for any one to be dishonest to another.
truthwillcomeout

London, KY

#7 Jan 2, 2009
Two counts of wire fraud for receiving two faxes? How could receiving a fax from someone be wire fraud? Most of the mail fraud charges are for receiving standard documents that are required by law from the state. The indictment is claiming mail fraud for the division of oil and gas mailing target a letter saying that their environmental violations have been corrected. Being charged for mail fraud because the state mails you a letter notifying you that you are following the law. Would they rather them not correct any violations? Several other counts of mail fraud are for receiving permits that they applied for to drill wells, which are required by law. You cant drill without a permit. The indictment is saying the act of fraud is being mailed the permit from the dept of mines and minerals, division of oil and gas. How is receiving a permit issued by the state of ky that you legally applied for and are required by law to have considered mail fraud? Would it still be fraud if the state issued the permit but target picked it up in person instead of having it mailed to them? A six year investigation and this is all they could come up with? This is a waste of tax dollars!
drh

Danville, KY

#8 Jan 2, 2009
the oil an gas business is about an 85% tax write off for the investors. Yes they did get scamed but they knew drillinf for oil is like you going out in your yard an drilling it urself.the chances of hitting oil is about 1 out of a 100 an even if you do hit oil it may pump for a day or it may go for years. I used to work for Mike Smith years ago an i called the investors an they all knew that it was not a 100% chance of hitting oil an any given day. Now if Mike didnt drill the well then he did do wrong but all the investors sign a contract that tells them how much they receive in royalties if they do it, But the ones who gets the most is Target Oil. Even the guy who bought the old indian village on the north end of garrard co was doing the same thing that used to be across from the post office in town. Its a shot in the dark drilling for oil an they may be pissed off cause they lost money, but probably more that somebody got rich alot easier than the investors did. If Mike didnt drill then its fraud but if he did then he did his job an shouldnt be in trouble,but i didnt like the guy i just want you all to know how that kinda business works.
santana

Cleveland, GA

#9 Jan 2, 2009
u have to have securities license if u didnt u cheated simple did u have one?
drh

Danville, KY

#10 Jan 2, 2009
santana wrote:
u have to have securities license if u didnt u cheated simple did u have one?
mike closed the deals all i done was sent the info about the drilling he called them an sold it to them so i did nothing wrong the SCC even said that was not wrong on wat i done i was a tellmarketer who just called to see if they invest in oil drilling
drh

Danville, KY

#11 Jan 2, 2009
santana wrote:
u have to have securities license if u didnt u cheated simple did u have one?
i meant the SEC not SCC
santana

Cleveland, GA

#12 Jan 2, 2009
mike didnt have his license did he? no one ever does
gotcha

Liberty, KY

#13 Jan 2, 2009
truthwillcomeout wrote:
Two counts of wire fraud for receiving two faxes? How could receiving a fax from someone be wire fraud? Most of the mail fraud charges are for receiving standard documents that are required by law from the state. The indictment is claiming mail fraud for the division of oil and gas mailing target a letter saying that their environmental violations have been corrected. Being charged for mail fraud because the state mails you a letter notifying you that you are following the law. Would they rather them not correct any violations? Several other counts of mail fraud are for receiving permits that they applied for to drill wells, which are required by law. You cant drill without a permit. The indictment is saying the act of fraud is being mailed the permit from the dept of mines and minerals, division of oil and gas. How is receiving a permit issued by the state of ky that you legally applied for and are required by law to have considered mail fraud? Would it still be fraud if the state issued the permit but target picked it up in person instead of having it mailed to them? A six year investigation and this is all they could come up with? This is a waste of tax dollars!
the mail fraud is because they received money through fed ex which is covered under the u.s. postal service law. The fraud is also because they lied to investors. No one had a license to sell securities! You are obviously involved with Target and trying to defend yourself. This particular investigation was only 3 years. They are all guilty! There should be about another 20 charges of fraud added to it, and maybe there will be. They defrauded investors, land owners, drillers, completion workers, suppliers, contractors... The list goes on and on. Better get a good lawyer, cause when push comes to shove Mike will hang You out to dry!
KAY

Clinton, IA

#14 Jan 2, 2009
I agree, it's wrong to tell someone a lie.
When contractors are called to do a job, and then bill for their work, and then target won't pay them you know they are snakes. Can't be much to you when you don't pay your bills. I know for a fact Target hasn't payed all theirs.
Smith Drilling

Burkesville, KY

#15 Jan 2, 2009
I think Dale sr and Dale jr was the brains behind target oil why heck D & D has 5 generations of oil men in their family. And dale jr he used to sell pictures of computers on ebay he made you think they were a real computer but when you bought it he would send you a picture instead. So it just goes to show you you dont have to know anything about the oil business to start a investment company just look at D & D.
albany native

Clinton, IA

#16 Jan 2, 2009
I would sure hate to know that I worked for these people here in albany they might be in some kind of trouble to because they worked for him so they might think the workers here know something as well
Someone who knows

AOL

#17 Jan 2, 2009
KAY wrote:
I agree, it's wrong to tell someone a lie.
When contractors are called to do a job, and then bill for their work, and then target won't pay them you know they are snakes. Can't be much to you when you don't pay your bills. I know for a fact Target hasn't payed all theirs.
Amen! I know it for a fact too! Company right here that target hasnt paid in full. What goes around comes around!!!
albany native

Clinton, IA

#18 Jan 2, 2009
I always thought they might be something illegal going on there know i guess we will have to wait and see you are always innocent untill proven guilty
wondering who

London, KY

#19 Jan 3, 2009
who is this michael smith? i don't think i remember one from garrard co.
WASITTHEWHOLESTO RY

Lexington, KY

#20 Jan 3, 2009
Maybe wrote:
They belong in jail. All they were doing was scaming people out of money. However, if those people were stupid enough to give them money then they deserved what they got.
Make sure you hear the whole story. Not just one mans, dont take the newspaper's side because it isnt always true, the headline is ACCUSED MEN, not guilty men. come one ppl at least give them a fair trial. seems to me that the dude is just pissed that he didnt GET RICH. btw he was doing the subdivision thing with the houses he took a risk and it failed, prolly just like his subdivision did since that market fail out also.

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