A Montgomery resident pleaded guilty last month to bilking $25,000 out of a Texas investor.
Timothy Grant Jones pleaded guilty to violating several Alabama Securities Act laws, including one count each of sale of unregistered securities, sale of securities by an unregistered agent and securities fraud by misrepresentation or omission.
The charges stemmed from Jones entering into an agreement with a Texas resident to invest $25,000 of the victim’s money to purchase franchise rights for the sale of portable personal storage units in Montgomery, the Alabama Securities Commission said. At the time of the offer, Jones allegedly told the victim that his money would return 60 percent profit plus the principle by a particular date.
However, an investigation conducted by ASC Enforcement Division revealed that Jones had not entered into a contract with the storage unit company to open another franchise in Montgomery and that the victim’s money had been used by Jones for unrelated personal expenses.
A sentencing hearing is scheduled for June 10 in Montgomery County Circuit Court.
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Tags: Guilty, Guilty Stealing