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Mon September 28, 2009
KY Man Jailed Over Investment Scheme
By Tony McVeigh
Frankfort, KY – In August 2006, Ernest Cadick admitted selling bogus interests in oil and gas exploration projects and other unregistered securities. He was ordered to make restitution and engage in no further investment sales without approval from the Department of Financial Institutions.
But last November, three Louisville residents accused Cadick of scamming them out of $20,000 in alleged overseas investments. The victims say they were solicited at church.
Found in contempt of court, Cadick is now housed in the Franklin County Jail.
He's also awaiting trial on federal wire fraud charges, for allegedly soliciting $718,000 for oil and gas ventures. Prosecutors say the money was never invested.