Jury Finds Bethany Man Guilty Of Securities Fraud And Money Laundering For Operating A Ponzi Scheme
Oklahoma City, Oklahoma - Today, a jury found BRIAN WILLIAM McKYE, 49, from Bethany, Oklahoma, guilty of seven counts of securities fraud and one count of conspiracy to commit money laundering for operating a Ponzi scheme, announced Sanford C. Coats, United States Attorney for the Western District of Oklahoma.
Evidence from trial showed that from 2006 through 2009, McKye, did business as Global West Funding Ltd., Global West Financial LLC, Global West Financial LLC, Sure Lock Financial LLC, Sure Lock Loans LLC, and The Wave-Goldmade Ltd. McKye used these businesses to market investment contracts whereby investors were guaranteed a monthly rate of return from 6.5% to 20% for 6 to 60 months. Investors were told they had “100% total control” of their money and that the investments were secured by risk free real estate notes. However, McKye was not a registered investment advisor or broker-dealer in the State of Oklahoma and he used the money he received from investors to pay his own personal and business expenses and some limited returns to investors to keep the scheme on-going. Through this Ponzi scheme, McKye defrauded 83 victim-investors out of over $4.5 million. McKye’s companies were shut down by the Oklahoma Department of Securities in the spring of 2009.
McKye’s original conviction on November 17, 2011, was overturned on appeal. Following a four-day retrial, a jury convicted McKye again today after deliberating for less than 90 minutes. McKye represented himself at trial.
At sentencing, McKye faces up to 20 years in prison and an order to pay restitution to his victims in excess of $4.5 million.
This case was investigated by the Internal Revenue Service Criminal Investigation and was prosecuted by Assistant United States Attorney Susan Dickerson Cox.