Law360, New York (May 23, 2012, 8:23 PM ET) -- The operator of Michigan-based investment club Cash Flow Financial LLC was sentenced to 12 years in prison and ordered to pay roughly $36 million in restitution Wednesday, after being found guilty of scamming the other participants.
Alan James Watson pled guilty in September 2011 to one count of wire fraud for a scheme in which he defrauded participants of nearly $40 million by putting their funds in high-risk ventures without their knowledge.
“The pitch Mr. Watson made to investors was a big fat lie, and he...
Investment Club Founder Gets 12 Years For Fraud
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