Men Charged In Alleged Ponzi Scheme

Saturday, June 30th 2007, 4:35 pm
By: News On 6

WAGONER, Okla. (AP) _ Two men are facing hundreds of felony and misdemeanor counts accusing them of enticing investors into a Wagoner-based company.

Prosecutors say 22-year-old Phillip Raglin and 23-year-old Joseph Layne were arrested Friday and are being held on $600,000 bail.

The two graduates of Wagoner High School were the principals behind a company called Raglin Industries, which promised large returns on investors' money.

Authorities called it a Ponzi scheme, which is where money from new investors is paid to earlier investors.

Authorities say neither men were registered to sell securities