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April 7, 2008

Man gets deferred sentence in stock scheme

By Liz McMahan

A Wagoner man accused of being involved in a company that allegedly bilked more than 100 Wagoner County investors was given a five-year deferred sentence Monday in Wagoner County District Court.

Joe Layne, 24, also was ordered to make $18,000 restitution, said Wagoner County Assistant District Attorney Gary Huggins. Layne has agreed to cooperate with federal and state officials in the case against Phillip Raglin, 23, head of Raglin Industries LLC, Huggins said.

Raglin and Layne were accused in 67 felony charges alleging they took nearly $400,000 as they sold stock memberships in the Raglin firm. The stock was not registered, and Raglin and Layne weren’t registered to sell stock, according to the Oklahoma Department of Securities.

Raglin and Layne promised investors as high as 30 percent returns on their investments, but never invested any of the funds received, the Department of Securities alleges.

The money from the membership sales were used to buy a new house, several Lexus vehicles, a Mercedes vehicle and other luxury items, Patty Labarthe of the Department of Securities previously said.

The $18,000 “is what he (Layne) got,” Huggins said. Layne is in college and working “small-time jobs,” Huggins said. Once Layne completes his education, his restitution payments may be adjusted upward.

No federal charges have been filed, but it appears they are forthcoming, Huggins said.

Reach Liz McMahan at 918-684-2926 orClick Here to Send Email

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