10 Years and $1M Restitution ordered for Phillip Raglin of Wagoner, for Securities Fraud and Money Laundering

The Muskogee Phoenix is reporting that Phillip Raglin, age 23, of Wagoner, OK, was sentenced yesterday to 120 months for money laundering and was ordered to make more than $1 million restitution. So far, that’s about 41 % of what was stolen, according to the report.

Raglin and his friend, Joe Layne, face 67 counts of obtaining money by false pretenses. Layne previously received a 5-year sentence after pleading guilty to 13 of the counts.

The Oklahoman explains that Raglin held “investor meetings,” in the Wagoner area in which “he promised investors a 30 percent return, saying software he developed automatically would sell stocks when they began falling.”

Raglin’s defense attorney, according to the report unsuccessfully argued that Raglin’s crime was not nearly as serious as the “financial bandits” that have caused the current collapse of the worldwide markets.

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