Executive Summary
- Gary Lavon Farrow Jr., CEO of Paragon Industries, was arrested in Sapulpa, Oklahoma, on a federal wire fraud charge.
- Prosecutors allege Farrow defrauded investors of over $750,000 in a cryptocurrency mining scheme by making false claims about business arrangements.
- The case was investigated by the FBI and, if convicted, Farrow faces up to 20 years in prison.
Gary Lavon Farrow Jr., the Chief Executive Officer of Paragon Industries, was arrested Thursday in Sapulpa, Oklahoma, on a federal criminal complaint charging him with wire fraud. The charge stems from an alleged scheme that defrauded investors in a cryptocurrency mining operation of more than $750,000.
According to the complaint filed in the Northern District of Oklahoma, Farrow is accused of soliciting investments for a large-scale cryptocurrency mining venture. He allegedly made false representations to investors, including claims that he had secured access to discounted electricity from a major utility provider and had a special operational arrangement with the City of Sapulpa.
The investigation was conducted by the Federal Bureau of Investigation (FBI). The case is being prosecuted by the U.S. Attorney’s Office for the Northern District of Oklahoma. If convicted of the wire fraud charge, Farrow faces a statutory maximum penalty of 20 years in federal prison and a fine of up to $250,000.
Farrow made his initial appearance in federal court following his arrest and was released from custody on conditions pending further legal proceedings. It is important to note that a criminal complaint contains allegations, and all individuals are presumed innocent until proven guilty in a court of law.