TEXARKANA, Texas (CN) – A 61-year-old Oklahoma man was sentenced to 20 months in federal prison for his role in a $2 million wire fraud, federal prosecutors said.
Danny Wood, of Idabel, also was also ordered to pay $2.1 million in restitution to Lone Star Production Credit.
Wood pleaded guilty in February to a criminal information charging him with wire fraud.
Prosecutors say Wood faxed falsified borrowing base reports to Lone Star’s New Boston, Texas office regarding a loan account and lied about possessing $3.7 million in lumber inventory and $92,000 in cash. He received more than $1.8 million as a result of the scheme.