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Wed August 7, 2013
Prison next for Flint-area man in financial scam
FLINT, Mich. (AP) - A former General Motors electrician has been sentenced to more than 15 years in prison for a financial scam that involved millions of dollars and more than 3,000 investors in 33 countries.
Greg McKnight of Swartz Creek took in $72 million. The government says his investors are out by more than $45 million. McKnight got his sentence Monday in Flint federal court.
The 53-year-old McKnight had no formal investment training in currencies or commodities. Authorities say he promised "outlandishly high interest rates" and suggested that investments were safe. McKnight used $2.2 million for his own use.
Defense attorney Ed Wishnow says McKnight has expressed remorse to his investors, especially in public to members of Swartz Creek Church of Christ. McKnight was arrested in 2008.