Oklahoma Man Gets Prison for Financial Fraud

TYLER (AP) – A businessman who lied about having almost $4 million in property and cash has been sentenced to nearly two years in prison for fraud in East Texas. Federal prosecutors in Tyler on Friday announced the punishment for Danny Wood, 61, Idabel, OK. Wood in February pleaded guilty to wire fraud and was sentenced Thursday to 20 months in prison. Wood also was ordered to pay nearly $2.1 million in restitution to Lone Star Production Credit PCA in New Boston. Prosecutors say Wood in 2009 faxed a fake report from Arkansas to the financial institution saying he had $3.7 million in lumber inventory and about $93,000. Investigators say Wood’s intent was to defraud Lone Star. Further details on the financial fraud were not immediately released.