Man Convicted For $3 Million Securities Fraud Scheme
A 39-year-old Alabama Man has been convicted of heading a securities fraud scam that defrauded investors out of more than $3 million.
Richard James Tucker was convicted of 13 counts relating to securities fraud - including two counts of overall scheme to defraud and two counts of first-degree property theft – for his role in a scheme that was perpetrated through Synergy Finance Group LLC. Prior to his 2010 arrest, Tucker promised investors millions of dollars in returns if they first gave him the necessary up-front fees.
During 2009, Tucker received $3.3 million from investors that were put into Synergy accounts.
However, instead of using the investor money for business purposes, he instead took the money and utilized it for his own personal finances. His securities fraud scam was eventually found out by the Alabama Securities Commission, leading to his arrest.
The investigation also led to the indictment of others who were involved in the scam. Michael David Judd pleaded guilty to one count of sale of unregistered securities in February, while Paul Liggett and Kirk Patterson each pleaded guilty to one count of sale of securities by an unregistered agent in April, the Press Register reported.
If you or a loved one has fallen victim to a deceptive securities or stockbroker fraud scam, call Sokolove Law today for a free legal consultation regarding a securities fraud lawsuit. Call us today at (800)-561-7154.