Wichita Businessman Involved in Fraud Case

By: AP
By: AP

WICHITA, Kan. (AP) _ The U.S. Securities and Exchange Commission receives a permanent injunction against a Wichita businessman for alleged fraud.

U.S. District Judge Monti Belot has ordered Delta Onshore Management of Ponca City and company President Jerry P. Jackson to return money investors lost. The company must pay an undetermined fine, and Jackson is banned from further such operations.

A complaint stated that the 62-year-old Jackson ran a company that lured elderly investors into giving him $2.8 million to buy and restore several oil drilling rigs with a faulty promise of profitable returns.

The government says the company didn't acquire any drilling rigs and its investors never got any return.

Jackson didn't admit wrongdoing but did agree to the judgment.

Information from: The Wichita Eagle, http://www.kansas.com

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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