Thomas W. Lucas Jr has been sentenced to 17 ½ years in prison and ordered to pay $8.4 million in restitution for defrauding investors by claiming that Disney was planning on building a theme park in North Texas. He sold land to more than 280 investors for about $20 million between 2006 and 2010 by claiming that the land was on the edge of a future Disney theme park.
The Walt Disney Company denies having any plans to build a theme park in North Texas.
Investors had hoped that they would be able to make a quick profit on the land once Disney announced a project as the land would become desirable for hotels, retail, and other tourist needs.