Covering Kentucky

Oct 10, 2012 3:51 PM

CEO Of Bankrupt Southern Kentucky Oil Firm Charged In Tax Case

LOUISVILLE (AP) - The CEO of a bankrupt oil firm in southern Kentucky has been indicted on federal charges that he failed to pay more than $1.6 million in taxes over a two-year period.

A federal grand jury on Wednesday also charged Anthony L. Young of Knob Lick with making false statements to a licensed gun dealer by having someone purchase a weapon for him while he was addicted to multiple drugs.

Young Oil Corp. collapsed into bankruptcy in 2009, two months before Franklin County Circuit Judge Thomas Wingate issued an order finding that Anthony L. Young and Young Oil committed fraud and violated the Kentucky Securities Act.

Young and the company owe the state a $20 million judgment. Kentucky has been unable to collect because of the bankruptcy proceedings.

(Copyright 2012 The Associated Press. All rights reserved.)

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