(HedgeCo.Net) The Securities and Exchange Commission has charged former Georgia state legislator and former member of the Georgia Board of Regents Clarence Dean Alford with defrauding at least 100 investors in his now-bankrupt energy development company, Allied Energy Services LLC.<\/p>\n
According to the SEC\u2019s complaint, from 2017 to 2019, Alford fraudulently raised at least $23 million by selling promissory notes to investors \u2013 primarily Indian-American professionals \u2013 that he guaranteed would provide high annual rates of return. According to the complaint, Alford presented Allied as a successful business when in fact it was struggling, and claimed that investors\u2019 funds would finance energy projects while using most of the funds to make interest payments to earlier investors and for personal expenses, including building a multmillion-dollar home. In 2019, Alford\u2019s alleged scheme collapsed when he failed to make promised interest payments to several investors and then failed to repay the investors\u2019 principal.<\/p>\n
\u201cAs alleged in our complaint, Alford was a prominent member of the community who misled retail investors for personal gain,\u201d said Justin Jeffries, Associate Regional Director for the SEC\u2019s Atlanta Regional Office. \u201cInvestors should be wary whenever they are promised guaranteed, lucrative investment opportunities.\u201d<\/p>\n
Without admitting or denying the allegations, Alford consented to entry of a judgment finding that he violated the antifraud provisions of the federal securities laws and ordering permanent and conduct-based injunctions. Alford also agreed that the amounts of civil penalties, disgorgement, and prejudgment interest would be determined by the court at a later date upon motion by the SEC. The proposed judgment is subject to court approval.<\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) The Securities and Exchange Commission has charged former Georgia state legislator and former member of the Georgia Board of Regents Clarence Dean Alford with defrauding at least 100 investors in his now-bankrupt energy development company, Allied Energy Services LLC. […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-75059","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/75059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=75059"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/75059\/revisions"}],"predecessor-version":[{"id":75060,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/75059\/revisions\/75060"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=75059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=75059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=75059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}