Two Magoffin County residents pleaded guilty Thursday to fraud in a case involving gas-well investments, according to the Kentucky Department of Financial Institutions.
Pamela J. Williams and Richard Dow Williams of Salyersville had been charged with selling unregistered securities and with misrepresenting or omitting facts about a gas-well investment, according to a news release.
The plea deal calls for restitution to victims. The amount will be determined at a hearing, said Kelly May, spokeswoman for the department.
The two are to be sentenced Dec. 18. The case was the first in which attorneys from the department were appointed as assistant commonwealth’s attorneys in order to prosecute a case, according to a release.