SEC Charges Former Georgia Legislator in Ponzi Scheme
The Securities and Exchange Commission charged former Georgia state legislator Clarence Dean Alford in an alleged $23 million Ponzi scheme, and our experienced securities attorneys are investigating these claims.
According to the SEC, Alford defrauded about 100 investors, mostly Indian-American professionals, in Allied Energy Services LLC, his energy development company that now is bankrupt. Alford misrepresented Allied as a thriving business, when in fact it wasn’t, the SEC says.
The SEC claims that Alford raised $23 million from investors by selling promissory notes that he fraudulently guaranteed would generate high returns. He also misrepresented that these funds would finance energy projects.
Instead, Alford used most of the investor funds to pay prior investors, the SEC alleges. He also used investor funds to build a home costing several million dollars, according to the SEC.
According to Justin Jeffries, associate regional director for the SEC’s Atlanta Regional Office, Alford was a prominent member of the community who misled retail investors for personal gain.
“Investors should be wary whenever they are promised guaranteed, lucrative investment opportunities,” Jeffries said in a statement
If you have suffered losses relating to Alford’s alleged fraud involving Allied, we are here to help. Contact us at 888.744.0142 to speak with an experienced securities attorney at Morgan & Morgan’s Business Trial Group.
The Business Trial Group helps investors recover their losses on a contingency basis. We are only paid if we successfully recover money for you.
As part of the largest contingency law firm in the nation, with over 500 attorneys and 50 offices, we have the resources to take on brokerage firms, investment advisory firms, and banks. We have helped investors recover tens of millions of dollars of investment losses.