Oklahoma State Bureau of Investigation   A. DeWade Langley   Director   Jessica Brown Public Information Director

 6/29/07                 FOR IMMEDIATE RELEASE           

Charges Filed in Raglin Industries Embezzlement Investigation

The Wagoner County District Attorney has filed more than one hundred counts against two people involved in a ponzie scheme.  Phillip L. Raglin (dob 1-16-1985) and Joseph D. Layne (dob 11-05-1983), both of Wagoner, are charged with 70 felonies and 51 misdemeanors for obtaining money by false pretense and operating a confidence game.

The district attorney’s office requested OSBI assistance in the embezzlement investigation in November 2006.  The ponzie scheme involved the men selling stock investments into Raglin Industries, LLC.  The company was not registered with the Oklahoma Department of Securities as a securities firm.

OSBI agents and D.A. investigators arrested both men on warrants Friday afternoon. The two are booked into the Wagoner County Jail on $600,000 bond each.