Keith Michael Rogers, a financial advisor from Huntsville, Alabama, pleaded guilty to one count of fraud in connection with the sale of securities, according to the Alabama Securities Commission. Specifically, Rogers’ plea was attributed to his engaging in an act, practice or course of business which operated as a fraud or deceit upon his victims. Rogers has also been sued by former University of Alabama football star Kenneth Darby. Rogers’ guilty plea was entered before Madison County Circuit Judge Allison Austin.

In 2014, the financial advisor was sued by several investors, including Darby, for $2.4 million. In the suit, Darby asserted that he lost his life savings of over $250,000 because of Rogers.

Rogers was arrested in 2015 based on an arrest warrant and indictment returned by the July 2015 Madison County Grand Jury. He will be sentenced on April 18. The prosecution will ask for a ten-year prison sentence for Rogers, according to the statement made by the Alabama Securities Commission. Rogers is now staying in the Madison County Jail under a $2 million bond. The charge against Rogers is a Class B Felony under Alabama law, punishable by a maximum of twenty years in prison and up to a $30,000 fine.

Also according to the Commission, Rogers misrepresented to his clients that their investment funds would be lawfully used to obtain a return. An Alabama Securities Commission Enforcement Division investigation found that over $2.5 million of his clients’ funds were in reality being used by Rogers to pay for his personal expenses as well as Ponzi-style payments to previous investors.

The Alabama Securities Commission warns potential investors to thoroughly scrutinize and research any investment opportunity of offer.

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.