AG Drew Edmondson says investors bilked out of $1 million

Monday, July 18th 2005, 5:03 pm

By: News On 6

OKLAHOMA CITY (AP) -- Attorney General Drew Edmondson says an Oklahoma travel agency owner is accused of swindling nearly $1-million from business associates in a Ponzi-type scam.

Jack Aaron Logsdon is charged in Logan County District court with 13 counts of fraudulent sale of a security, two counts of forgery and one count each of racketeering and obtaining money by false pretenses.

Among the victims is Wichita State baseball coach Gene Stephenson who accepted the job at Oklahoma earlier this month then changed his mind and returned to Wichita.

Edmondson says Logsdon sold interest in cattle he didn't own, land he didn't have full ownership of and interest in a travel agency that was used as collateral for a loan.

Logsdon conducts business as Logsdon Investments, Logsdon Travel, Time Out Travel, Logsdon's Embassy Travel, Logsdon-Griffith Travel and Logsdon Angus Ranch.