CLINTON TWP (WWJ) - A financial advisor from Clinton Township is facing some serious prison time after being accused of his involvement in a $45 million Ponzi scheme.
Alan Watson and Cash Flow Financial are being charged by federal authorities with fraudulently soliciting and accepting money as part of a plan to trade commodity futures and securities. Once they received money from clients, they would issue false statements.
In addition, it is claimed that Watson used some of the money for personal advantage, spending it on everything from trips to paying off his mortgage.
A Pennsylvania man was also arrested as part of the same investigation.
About 600 clients were defrauded of about $45 million in the operation that began in November of 2007.