(Oklahoma City-AP) -- A former Shawnee insurance agent faces federal fraud charges for allegedly swindling investors out of more than $8-million.
Federal prosecutors charged Merl William Hickman last week with one count of engaging in a transaction using property derived from illegal activity.
His son, Merl William Hickman Junior also was charged with the same count and faces mail fraud, wire fraud and securities fraud charges.
The pair are accused of promising investors high yields, but never investing the money.
Funds from later investors paid interest due to earlier investors, and the remainder was spent on jewelry, boats, vehicles and travel for the Hickman family, prosecutors allege.
The elder Hickman was jailed in Pottawatomie County and faces 444 state counts of obtaining money by false pretenses for allegedly cheating about 160 people out of more than $12-million.