Share
Have more to add? News tip? Tell us
DALLAS -- A prominent Weatherford businessman was sentenced on Tuesday to more than six years in prison and ordered to pay more than $9.6 million in restitution after pleading guilty in a mail fraud case, according to federal authorities.
Oscar Black, 58, who owned and operated OB Cattle, a Weatherford mortgage company, and served two years as director of the First National Bank of Weatherford, guaranteed investors an annual 12 percent rate of return on their investments, a news release from the U.S. attorney's office said.When he discovered he would not be able to meet his obligations, Black began using investors' money to pay expenses and provide capital for OB Cattle. Initially, he was able to meet his obligations to investors with profits from OB Cattle, but eventually OB Cattle began losing money and Black was not able to satisfy his financial obligations to investors. Black then lied to his clients, telling them their investments had appreciated, when he had actually used their money to pay expenses for his failing cattle business, OB Cattle. Black mailed investors fictitious monthly account statements that falsely represented that their investments were appreciating. All of Black's false promises, representations and omissions were intended to deceive investors so that he could keep their money and use it to pay his business expenses. Black must surrender to the Bureau of Prisons on May 19.
@Nyx.CommentBody@