Timothy Lowell Franks of Winfield, Alabama was arrested earlier this month for allegedly violating the Alabama Securities Act. The arrest was the result of a March 2015 Marion County Grand Jury indictment, which charged him with six counts of violations: one count of Sale of Unregistered Securities, one count of Sale of Securities by an Unregistered Agent, three counts of Fraud in Connection with the Sale of Securities, and one count of Theft by Deception, First Degree.
If convicted, for the first two charges, which are Class C felonies, Franks is facing punishment of up to ten years imprisonment and a fine of $15,000 for each count. For the last two charges, which are Class B felonies, Franks faces a punishment of up to twenty years imprisonment and a $30,000 fine for each count.
Franks’ indictment alleges that he offered and sold securities in a coal mining operation. In connection to the securities transactions, Franks represented to investors that he owned the mine and the mineral rights needed to run the mine. He then sold contracts or interests in the mining operation. Franks was later released after posting $15,000. His trial date has not yet been set.
If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.