Bond revoked for businessman in oil drilling scam

LEXINGTON, Ky. - A judge has ordered a businessman convicted of scamming clients in an oil drilling scheme back to jail pending sentencing.

U.S. District Judge Karen Caldwell on Thursday sent 57-year-old Gary Milby to the Grayson County Jail, where federal inmates are sometimes held.

Prosecutors in Lexington asked Caldwell to revoke Milby's bond because he tested positive for cocaine use several times in recent months.

A federal court jury convicted Milby and Lexington attorney Bryan Coffman in May 2011 on multiple charges of mail, wire and securities fraud.Coffman is set for sentencing May 2 and Milby on May 3.

Milby surfaced in the public eye after throwing his daughter a lavish Sweet 16 birthday party featured on MTV.

Prosecutors said the defendants spent their investors' money on cars, jewelry, yachts and parties.