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Former Tulsa Businessman Pleads Guilty to Fraud

KWGS News File Photo

TULSA, Okla. (AP) — Federal prosecutors say a Texas man who was chief executive of Tulsa-based oil and gas investment companies has pleaded guilty to a money laundering charge.

U.S. Attorney Danny Williams Sr. says Jimmy Morrisett of Burnett, Texas, pleaded guilty Thursday in federal court in Tulsa and faces up to 10 years in prison when sentenced in July.

Morrisett is the former chief executive officer of Tulsa-based Red Earth Resources Inc. and Alpine Petroleum LLC.

Morrisett was indicted in December 2011 on wire fraud, mail fraud and money laundering charges. He was to go on trial starting April 15.

His guilty plea is to one count of money laundering.

Copyright 2013 The Associated Press.