McKINNEY – A 67-year-old Dallas man was sentenced to 35 years in prison Wednesday for his role in running a nationwide gas-and-oil leasing scheme that bilked investors out of almost $2 million.

During the sentencing, State District Judge Greg Brewer called William Everett Durkee a "con man" who would probably spend the rest of his life behind bars.

Prosecutors described the stooped, white-haired man as a career criminal who in 1998 was sentenced to 15 months in a federal prison for mail fraud but resumed his deceptive scams as soon as he was released.

"The only reason he's not selling right now is because he's been in [the Collin County] jail for eight months," Dale Barron, an enforcement attorney for the Texas State Securities Board, told the court.

In requesting at least a 60-year sentence, prosecutor Chris Milner, chief of the Collin County district attorney's special crimes division, said Mr. Durkee had no respect for the law and must be denied "access to the victim pool he preys upon."

Attorney Anthony Green, who represented Mr. Durkee, said the 35-year sentence was harsh, given his client's age and poor health. He had requested a prison term of five to 10 years, saying that Mr. Durkee didn't act alone and had filed for bankruptcy to allow investors to recoup some of their money.

Mr. Durkee, who pleaded guilty to securities fraud last month, sold interests in oil and gas leases through Aransas Oil Co. and Mineral Leases of the Southwest Inc. About 100 people made investments, ranging from $5,900 to $106,800, in the companies, according to court documents.

Mr. Durkee, who had served as president of the company, is accused of failing to tell the investors about his prior mail-fraud conviction. He's also accused of failing to disclose that a cease-and-desist order had been issued in 2005 against him and others involved in Aransas Oil Co. for selling unregistered securities.

Authorities said at least one other Aransas Oil Co. official is on 10 years' probation after also being convicted of securities fraud.

Letha L. Sparks, a financial analyst for the securities board, testified during the sentencing hearing that investors paid $1.7 million for interests in the leases, but Mr. Durkee used more than $1 million of the money to buy racehorses and for travel, meals, rent and other personal expenses.

Ms. Sparks said Mr. Durkee also oversold interests in the leases. In one case, he purchased 26 percent interest in a lease but sold interests totaling 62.5 percent. She also testified that Mr. Durkee participated in so-called Ponzi schemes by using funds intended for one lease to purchase interests in another lease.

Prosecutors said that it's unlikely that investors will be able to get back any of their money. Ms. Sparks said only $10,000 remained in the company's McKinney bank accounts.

The head of the state securities board said investors might have fared better if they had contacted state officials before making their investments.

"If investors had called us, we would have told them about the cease-and-desist order," Texas Securities Commissioner Denise Voigt Crawford said. "They need to check with our office before they invest in any securities offerings to see if they're registered in the state."