.....Advertisement.....
.....Advertisement.....

Elizabethtown man sentenced in wire fraud case

-A A +A
By The Staff

An Elizabethtown man charged with 17 counts of wire fraud was sentenced to four years in prison Monday in U.S. District Court in Louisville.

Ernest Cadick, 60, pleaded guilty to accusations that he fraudulently solicited more than $718,000 from 17 individuals between 1994 and 2008.

He represented himself as owner and operator of Kingdom Oil as well as a traveling evangelist, meeting potential investors through church functions and contacts with churches, according to a news release.

“Cadick solicited the money under the pretenses of investing the money in, among other things, oil and gas ventures and overseas business ventures,” the release reads. “Cadick, however, did not invest the money and expended it for his personal benefit and gain.”

During a 2006 grand jury testimony, Cadick testified his company stopped all drilling and exploration in 2001, according to the release.

Cadick was arrested and indicted on these charges in December 2008. In September 2009, he was charged with contempt of court for failure to make $500 monthly payments to the court for restitution.

In addition to four years in prison, the court also ordered Cadick to pay $719,650 in restitution.