Derek Wachob, CEO of Paragon Industries in Sapulpa, was arrested for federal wire fraud charges.

2 News confirmed the arrest through the U.S. Attorney's Office in the Southern District of New York.

The indictment alleges that Wachob defrauded investors, businesses and even close personal friends of over $66 million from 2022-24.

It says the 53-year-old promised future business deals with the steel pipe company in exchange for money. Instead, Wachob used the money to buy things like yachts, vacation homes, helicopters, and more.

Federal agents surrounded Wachob's property, just west of Paragon Industries near 121

and 49

West Avenue in Sapulpa.

In a statement, U.S. Attorney Jay Clayton said "Derek Wachob claimed to be a billionaire and successful CEO, but as alleged, that image was bu

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