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Wed May 2, 2012
Lexington Attorney Sentenced in Investment Scheme Case
LEXINGTON, Ky. - A Lexington attorney convicted last year of defrauding hundreds of investors in an oil and gas drilling scheme has been sentenced to 25 years in prison by a U.S. District Court judge.
Bryan S. Coffman asked for mercy and maintained his innocence Wednesday, saying he was sorry to the nearly 600 investors who lost money in the oil and gas drilling programs that were sold by Mid-America Energy Inc. and Global Energy Group.
Ken Taylor of the U.S. Attorney’s office says Coffman deceived the victims’ and used their money to buy a yacht and real estate.
“Some had lost their retirement, some had suffered health issues as a result of this, some had lost what they had saved for their kids to go to college.”
In addition to the 25 year sentence Coffman was also ordered Wednesday to pay $36 million in restitution. He plans to file an appeal.
“You know when you try a 3-week trial, there’s a lot of things that happened that we objected to and felt like were improper and I think the law will support us on those. There are several,” said defense attorney Steve Romines.
Coffman was not immediately taken into custody and must report to the Federal Medical Center corrections facility in Lexington in two weeks. A co-defendant in the case, Gary Milby, will be sentenced Thursday morning.