The Cherokee Nation of Oklahoma is losing millions on failed investments and businesses, The Muskogee Phoenix reports.

Cherokee Nation Industries, the tribe's economic arm, invested $2.5 million to buy stock in a company called Global Energy Group. That money is now gone, said Tom Reynolds, the chief financial officer.

Combined with other expenses and investments related to the deal, CNI has lost more than $6.3 million, Reynolds told Cherokee Nation councilors on Thursday, the paper reported.

�It�s ridiculous. I wouldn�t put a dime in that thing. I would have put it in the trash can. And then we loaned them $500,000 to buy some lighting company � and that's now a $1 million (investment)," Reynolds was quoted as saying.

The stock purchase is reportedly being investigated by the U.S. Securities and Exchange Commission. It has sparked rival lawsuits by some Cherokee councilors and Cherokee Chief Chad Smith.

Get the Story:
Millions lost in tribal investments (The Muskogee Phoenix 7/28)

Relevant Links:
Cherokee Nation - http://www.cherokee.org
Cherokee Nation Industries - http://www.cnicnd.com

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