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Arkansas men sentenced to federal prison for fraudulent wind farm project
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Little Rock, Arkansas — Two men have been sentenced to federal prison for fraud and money laundering related to a proposed wind farm project in Elm Springs, Arkansas, that was never built.
47-year-old Jody Douglas Davis, of Searcy, was sentenced to 12 years and 47-year-old Phillip Vincent Ridings, to eight years. Both were convicted in September.
During Tuesday’s sentencing, both were also ordered to pay more than $1.1 million in restitution, prosecutors said.
According to the two formed companies in Springdale, Arkansas, and Frisco, Texas, and fraudulently, investors they would develop a new wind turbine that was approved for a $10 million grant.
Davis also failed to tell investors he was convicted in 2009 in Oklahoma of wire fraud and money laundering, prosecutors said.
“These defendants developed a scheme for the purposed of stealing large sums of money from innocent investors,” according to U.S. Attorney Clay Fowlkes.
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