Alabama Securities Commission Archives - Page 4 of 4

Alabama Man Sentenced For Ponzi Scheme

Bryan Anderson, a former broker from Hoover, Alabama, was sentenced yesterday to seven years and three months in federal prison after pleading guilty to operating a Ponzi scheme that defrauded investors out of over $3 million. U.S. District Court Judge Virginia Hopkins also ordered Anderson to pay restitution of $3,068,614 plus interest to his victims. He will also serve three years on probation and was ordered to participate in an alcohol treatment program. Anderson pleaded guilty to wire fraud, money laundering, and securities fraud in March and will report to prison on October 19. In making her determination on the length of Anderson's sentence, Hopkins considered the length of time the scheme occurred, stating, "He had many opportunities to stop, but he continued down [that path]." The U.S. Attorney's office was pleased with Hopkins' sentence. "Brian Anderson ran a Ponzi scheme for years, lying about investment options, risks and potential returns to lure unwitting investors into his snare," U.S. Attorney Joyce [...]

Alabama Securities Fraudster’s Assets Intercepted

The Alabama Securities Commission intercepted $16,000 worth of redeemed stock owned by Harry H. "Woody" Duncan from Huntsville, Alabama and successfully rerouted the cash to assist in the payment of restitution to victims of an illegal securities scheme operated by Duncan in 2011. In August 2012, Madison County, Alabama Circuit Court Judge James P. Smith sentenced Duncan to twenty years' imprisonment for violating the Alabama Securities Act. Duncan is serving the first five years of his sentence, but the latter fifteen years will be suspended on the condition that he make complete restitution to all victims and file sworn quarterly financial reports accounting for the sources of funds used to make the payments. An investigation by the Commission discovered that, despite the fact that Duncan is in the custody of the Alabama Corrections Department, he received stock dividends, which the Court considers personal assets/income, that should be allocated to pay restitution to his victims. In January 2015, the Commission's legal [...]

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