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Appeals court to hearing arguments in fraud case

Arguments are scheduled today in the appeal of a Collin County man, sentenced to 25 years in prison upon convicted of defrauding investors who contributed to nonexistent oil wells.

Chad Michael Hayes, of McKinney, was found guilty last year on 17 felony counts and ordered to pay hundreds of thousands of dollars in restitution. The charges include acting as an unregistered dealer, selling unregistered securities and securities fraud.

He was one of five defendants charged in the case.