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Indictment in Wolfe City oil and gas fraud case

By Brad Kellar

Wolfe City – Another indictment is issued in connection to an oil fraud case in Wolfe City.

Chad Michael Hays, of McKinney pleaded not guilty Thursday to charges of engaging in organized crime and securities fraud. Hays is the fourth person indicted and the third arraigned in connection with what prosecutors allege was a scheme to defraud investors out of hundreds of thousands of dollars. An interim hearing for Hays is set for May 26.

Michael Day Lamont, of Allen; Donald Joseph Dean, of Tyler, and Carl Tinsley Ratner, address unknown, have also been indicted. Lamont and Ratner have entered pleas of not guilty. Dean is scheduled for an arraignment on May 15.