Investment club manager guilty of $40 million fraud

An investment manager in Michigan has pleaded guilty to fraud totalling almost $40 million in a scheme involving non-disclosed high-risk investments.

Clinton Township-based Alan Watson admitted one count of wire fraud. He will be sentenced on December 9 and faces a maximum of 20 years in prison.

Watson established the investment fund Cash Flow Financial in 2004 and served as the club's chief executive officer. He fraudulently solicited and accepted funds from more than 750 investors between 2006

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