TheStreetSweeper in the News
- The Wall Street Journal: Northern Oil & Gas Gets a Bear Raid
- The Motley Fool: Northern Oil and Gas Shares Plunged: What You Need to Know
- Barron's: Insider Selling Accelerates at Northern Oil & Gas
- Benzinga: Will Growth Spurt Last for Northern Oil & Gas?
- Benzinga: More Trouble for Northern Oil and Gas
'Investment Club' Organizer To Serve 12 Years In $34 Mil Scam
A Michigan man who recruited more than 400 members into an “investment club” is going to federal prison for losing millions of their dollars, the Daily Tribune newspaper reported. Alan James Watson, 47, of Clinton Township, has been sentenced in the Eastern District of Virginia to 12 years behind bars, the newspaper said. He was also ordered to repay more than $36.5 million. Prosecutors said Watson gathered $40 million from investors in his “club,” Cash Flow Financial LLC, promising the money would go into an equities trading system and earn 10 percent monthly. But only $6 million went into the system, and $34 million was lost in high-risk trading that investors did not even know about, the Daily Tribune said. The newspaper quoted Assistant U.S. Attorney General Lanny A. Breuer as saying Watson “drove his scheme deeper and deeper, while investors remained non the wiser.”
