CEO of bankrupt oil company enters guilty plea

BOWLING GREEN, Ky. (AP) – The CEO of a bankrupt southern Kentucky oil company is scheduled for sentencing in July after pleading guilty to scamming investors into giving him money for three oil partnerships in Kentucky and Tennessee.

Young Oil executive Anthony L. Young of Knob Lick entered the plea Tuesday in federal court in Bowling Green.

Young told a judge that from November 2007 through December 2008, he fraudulently solicited investments through his company, Young Oil Corp., and took the majority of the money for personal and other uses.

Young also pleaded guilty to failing to file income taxes in 2005 and 2006 and having someone make a false statement on a federal form to purchase a pistol for him in 2010.

The sentencing hearing is set for July 17 in Louisville.