An Allen man convicted of defrauding investors in a bogus biodiesel plant project has been sentenced to five years in state prison, according to the Texas State Securities Board.
Kenneth Paul Lawrence, convicted July 19 "on two charges for his role in raising money for a purported biodiesel plant in Hunt County," was sentenced to five years for money laundering, as well as getting a probated ten-year sentence for engaging in organized criminal activity.
According to the Securities Board, "Lawrence was the proposed operator of the biodiesel plant, and received money from Greenway Energy Partners LLC, the managing partner of the energy project. Greenway raised more than $800,000 through the fraudulent sale of investments, and Lawrence received $265,000 of that total."
The board also pointed out that "in 2003, the Texas Securities Commissioner entered an agreed cease and desist order that fined Lawrence for selling unregistered oil and gas securities, and ordered him to stop selling the securities. Lawrence has never been registered in Texas to sell securities."
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