Securities Recidivist Took $40 Million|In Ponzi Scheme, Oklahoma Says

OKLAHOMA CITY (CN) - Brian Fox and his company Powder River Petroleum International defrauded investors of $40 million in a Ponzi scheme, the State of Oklahoma claims in Oklahoma County Court.

Fox lives in Alberta, Canada. The Alberta Securities commission fined and enjoined him for a securities scam in 2000, Oklahoma says.

In this alleged scam, Fox promised investors 9% annual returns, the Oklahoma Department of Securities says.

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