A Tarrant County man has pleaded guilty to participating in an alleged oil field fraud scheme which cost investors hundreds of thousands of dollars.

Kevin Dennis Hays, 46, of Euless, entered the guilty plea to a reduced charge Wednesday, was placed on probation and was ordered to pay restitution in the case.

Two other defendants had status hearings rescheduled until next month, while a fourth defendant currently has a warrant out for his arrest.

A fifth defendant, Chad Michael Hays of McKinney, was convicted and sentenced to prison last month in connection with the case investigated by the Texas State Securities Board.

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