St. Joseph Man Jailed For Bilking Investors

A former St. Joseph man who told investors he was going to give them a share of gas wells he drilled or reworked has drawn a six month prison term because he lied to the investors. The investors had given William True Davis III $7,000 to $10,000 each. The federal prosecutor says Davis ran something like a Ponzi scheme, in which some of the later investors’ money was used to pay off earlier investors and the rest went into his pocket. He took investors for almost $60,000.