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Campbellsville businessman Gary Milby, receives 240 month sentence The following press release was issued by the Office of the United States Attorney Eastern District of Kentucky. The Kentucky Department of Financial Institutions (DFI) assisted in the investigation. The Office of the U.S. Attorney is prosecuting the case. News from KY Department of Economic Institutions LEXINGTON - A Campbellsville business man who defrauded hundreds of people out of millions of dollars as part of a nationwide and international investment scam, was sentenced Friday, May 4, 2012, to 240 months in prison. U.S. District Court Judge Karen Caldwell sentenced 58-year-old Gary M. Milby for mail fraud, wire fraud and securities fraud. Judge Caldwell also ordered Milby and codefendant Bryan S. Coffman to pay full restitution in excess of $36 million. Coffman, a Lexington attorney, was sentenced to 25 years in prison Wednesday for his role in the scheme. From 2004 through 2008, Milby and Victor Tsatskin of Canada, solicited more than $36 million from approximately 600 corporate and individual investors across the nation and Canada. Milby and Tsatskin told investors a series of lies, bogus predictions and guarantees about potential profits of oil and gas well drilling programs. Tstatskin is currently serving a prison term in Canada. Milby is described in court documents as a very persuasive man who often referenced God and religion in an attempt to lure investors. Testimony at last year's trial showed that Milby falsely guaranteed the successful production of oil, told investors to anticipate thousands of dollars of income per month from their investment and that the wells could produce commercial quantities of oil for 10 to 20 years. Milby used the money he got from investors to buy jewelry and a car, fund lavish birthday parties and pay other personal expenses. Many of the victims in this case wrote letters to the court describing the impact of losing their investments. Some say it led to divorces, major health problems such as strokes, foreclosures on their homes and the inability to fund a college education for their children. Milby was convicted of the offenses by a jury last year. Kerry B. Harvey, United States Attorney for the Eastern District of Kentucky, Dugan Wong, Postal Inspector in Charge, United States Postal Inspection Service, Charles A. Vice, Commissioner of The Commonwealth of Kentucky Department of Financial Institutions, Division of Securities and Paul R. Johnson, Special Agent in Charge, United States Secret Service, jointly made the announcement after the jury returned its verdict. The investigation was conducted by the United States Postal Inspection Service, The Commonwealth of Kentucky Department of Financial Institutions, Division of Securities and the United States Secret Service. The U.S. Attorney's Office was represented by Ken Taylor, Robert Duncan and Wade Napier. This story was posted on 2012-05-07 15:01:01
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