Granbury inventor Karl G. Pratt, who had pleaded guilty to defrauding investors in a trailer hitch security device, has been sentenced to four years and three months in a federal prison and ordered to pay $979,000 in restitution, the U.S. Attorney's office in Dallas said Tuesday.
Sentence was handed down Monday by U.S. District Judge David C. Godbey.By falsely claiming that he had invented and patented a device that kept hitches from slipping off a trailer ball while a recreational trailer was being towed, Pratt was able to entice about 50 investors pay $12,500 for distribution rights offered by his firm, Safety Sentry Inc. The device also purportedly prevented thefts of unattended trailers.In a news release, U.S. Attorney Sarah R. Saldaña said investors were no told that Pratt's patent application had been denied.The 53-year-old Pratt also falsely told them that he was wrapping up negotiations with Hertz, U-Haul and Ryder to buy upwards of 250,000 hitch devices. But, Saldaña said, "Pratt never had any serious negotiations with these companies."Barry Shlachter, 817-390-7718Twitter: @bshlachterHave more to add? News tip? Tell us
