Jul 24, 2014 3:41 PM by ASSOCIATED PRESS
A Louisiana attorney has been sentenced to five years in prison for misuse of $1 million invested by a Texas company.
James Ward Davis of Shreveport was sentenced Thursday and ordered to repay the funds. Prosecutors in Texas say Davis in April pleaded guilty to making a false statement in a bankruptcy proceeding.
Investigators say Davis operated Tower Hill Energy Co., to acquire oil, gas and mineral leases, interests and royalties in Louisiana.
Tower Hill in 2009 agreed to acquire mineral rights on behalf of Furie Petroleum of Texas. Prosecutors say Furie provided $1 million for such purchases, but Davis spent the money for his personal and unrelated business costs.
Davis later filed for bankruptcy protection and falsely said Furie officials knew he used the money for his own purposes.