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Non-Tech : Auric Goldfinger's Short List -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (18886)	9/10/2007 9:06:45 PM
From: scion	Respond to of 19428

Two men arrested in alleged scheme Mon September 10, 2007 By Sheila Stogsdill State Correspondent newsok.com WAGONER — Two Wagoner County men will be tried on charges they defrauded people in a Ponzi scheme, a prosecutor said. Phillip L. Raglin, 22, and Joseph D. Layne, 23, were charged in Wagoner County District Court with 121 felony counts of obtaining money by false pretenses, a confidence game. Raglin is free on a reduced bail of $100,000 and Layne is free on a reduced bail of $50,000. After a daylong hearing Friday, prosecutors dropped three counts, said Doug Kirkley, a Wagoner County assistant district attorney. Both men were behind a company called Raglin Industries, which promised large returns on investors' money. A Ponzi scheme generally involves investors being paid returns using the money of later investors. Investor meetings built credibility through the men's ties and through Layne's father, a local Baptist preacher and Wagoner school board president, authorities said.