Brian McKye Behind The Bars For Playing Fraud With The Investors Of Payday Loan Lending Company

Brian McKye, of Okhama city was the owner of seven payday loan stores. He played fraud with the investors and was thus involved in the Ponzi scheme. His face was ultimately revealed to the public in the month of November in the U.S. District Court by the Attorney Sanford C. Coats. Investment of $6 million was made by more than 80 people in McKye's Global West Financial LLC and other related instant cash loan online companies. According to the Moriarty each investor will receive 2 cents per dollar. “It's going to be a very paltry sum,” Moriarty said. “I wish it was a better story, but it's a sad one.”

Moreover Yukon retiree Judy Chancellor said that she and her husband had invested round $30,000 with McKye, which is much less than what normally people have invested. “Praise God,” Chancellor said. “I hate to see that happen to anybody, but he was a big time thief.”The chancellor is expecting around $600 if the company winds up.

There is no doubt that McKye returned several thousand dollars of payday loans to the investors. The Oklahoma Securities Department sealed Global West Financial in March 2009 saying that McKye minted high rate of interest from the investors. McKye lost around $50,000 to $100,000 per month and sold his store for round $70,000. “He also put something north of $1 million into television advertising,” Moriarty said. “He spent a lot of money and really didn't create a lot of assets.”It is for the same reason that McKye will be behind the bars for around 20 years.