Okla. man wins reversal of Ponzi scheme conviction

By: From Wire Reports
By: From Wire Reports

OKLAHOMA CITY (AP) - A Bethany man accused of bilking investors out of more than $4.5 million has won an appeal and is to get a new trial.

The 10th U.S. Circuit Court of Appeals on Tuesday agreed that the judge in Brian McKye's trial improperly instructed the jury. The court reversed the conviction and 21-year sentence.

Last year, a federal jury convicted McKye of securities fraud and conspiracy to commit money laundering.

Prosecutors claimed he used several businesses to market investment contracts that guaranteed returns ranging from 6.5 percent to 20 percent. Officials said McKye wasn't a registered investment adviser in Oklahoma and was using the money to pay his personal and business expenses instead of investing it.

The appeals court found the jury wasn't properly instructed on whether investment notes were securities.

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