T. Boone Pickens Picks Up His Son's Bill For Stock Fraud Scheme
T. Boone Pickens just got through ponying up $6 million in order to fund "a comprehensive revitalization strategy that will touch on education, crime, housing, employment and community services" in the Fair Park-area Jubilee Park neighborhood. Now, his kiddo's going to cost the Dallas oilman $1.2 million: Today in New York, 53-year-old Michael O. Pickens was sentenced to five years probation and ordered to pay $1.2 mil in restitution in connection with a fraud scheme that "involved distributing fictitious stock tips to investors," according to this Reuters report.
Michael Pickens, who pleaded guilty in October 2006 to securities fraud after a federal grand jury indicted him in 2005 for a pump-and-dump stock scheme, was also ordered to report, no later than next week, to a Dallas-area substance abuse program. Said U.S. District Judge Loretta Preska before sentencing Pickens: "This defendant started drinking when he was 13, started with marijuana at 15, prescription drugs thereafter, and that went on for the rest of his life." So she cut him some slack. And Dad gets the bill. --Robert Wilonsky