Bethany man sentenced for defrauding investors

Brian William McKye, of Bethany, has been sentenced to more than 20 years in prison for defrauding investors of more than $4.5 million in a Ponzi scheme.
FROM STAFF REPORTS Published: April 26, 2012
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A Bethany man has been sentenced to more than 20 years in prison for defrauding investors of more than $4.5 million in a Ponzi scheme.

Brian William McKye, 48, was convicted by a federal jury in November on charges of securities fraud and conspiracy to commit money laundering.

McKye ran a number of investment businesses between 2006 and 2009, guaranteeing investors monthly returns of up to 20 percent, according to prosecutors.

He told investors their money was secured by risk-free real estate notes, but he was not a registered investment adviser or broker-dealer in Oklahoma.

McKye was convicted of using investor funds to pay personal and business expenses, while offering limited returns to investors to keep the scheme ongoing.

He defrauded 115 investors before his businesses were shut down in 2009 by the Oklahoma Department of Securities.

McKye was sentenced Tuesday to 262 months in prison and ordered to pay more than $4.5 million in restitution.

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