A Bethany man has been sentenced to 17 years in prison for his role in a Ponzi scheme that victimized many senior citizens.
A federal judge this week also ordered Brian Williams McKye, 50, to pay more than $4.6 million in restitution and serve three years of supervised release after his prison term.
About the case
From 2006 through 2009, McKye and his company, Global West Financial, offered investors contracts that guaranteed monthly rates of return of up to 20 percent.
McKye was not licensed as a financial adviser or to sell securities in the state of Oklahoma.
Evidence from trial showed that McKye used the money he received from investors to pay his own personal and business expenses, and pay back some investors to keep the scheme going.
Through this Ponzi scheme, McKye defrauded 83 investors out of more than $4.5 million, court records show. The scheme was shut down by the state Securities Department in the spring of 2009.
Evidence from McKye’s original conviction in November 2011 was overturned on appeal.
Following a four-day retrial last fall, a jury convicted McKye again after deliberating for less than 90 minutes.
McKye represented himself at trial.