Prison for ex-Oregon congressman in tax fraud case

Prison for ex-Oregon congressman in tax fraud case
Wes Cooley (file photo)

LOS ANGELES (AP) — A former Oregon congressman has been sentenced to a year in federal prison for failing to report nearly $500,000 he received from a $10 million investment fraud scheme.

Los Angeles federal prosecutors say 80-year-old Wester Shadric Cooley, who lives in Bend, Ore., was ordered on Monday to serve a year and a day in prison starting March 11.

The judge also ordered Cooley to pay $3.5 million restitution to 400 investor victims and $138,000 to the Internal Revenue Service.

The Republican represented Oregon's 2nd Congressional District from 1995-1997.

Investigators say Cooley and two others lured victims into purchasing unregistered stock in Inc. by falsely telling them the company was being acquired by eBay.

Cooley pleaded guilty to filing a false tax return and receiving $1.1 million during the scheme.

Copyright 2012 The Associated Press