CULLMAN —
A Florida man pleaded guilty in Cullman County circuit court last week to a single count of securities fraud for illegally soliciting funds from investors in a number of Alabama counties.
James Leonard Craft of Century, Fla., pleaded guilty to the crime, a Class C felony, in the court of circuit judge Greg Nicholas. Craft is free on bond, awaiting sentencing while the court sets a pre-sentencing investigation and determines his ability to pay $185,000 in restitution to the victims.
The case was prosecuted by the Alabama Securities Commission (ASC) and Cullman district attorney Wilson Blaylock.
An investigation by agents of the ASC’s enforcement division revealed Craft solicited funds from investors to purportedly purchase wood products from South America, which were to be resold to U.S. distributors for the making of railroad cross ties and other products.
In 2010, the agency issued Craft and his Florida-based company, Century Lumber & Land, with a cease-and-desist order after he attempted to solicit money from Alabama investors in Cullman, Etowah and Shelby counties.
In testimony before Nicholas, Craft admitted he intended to use the money for personal reasons while simultaneously making a fraudulent pitch that investors' funds would be used to purchase wood products. ASC records showed neither Craft nor his company was registered to conduct securities business in Alabama, as required by law.
In Sept. 2011, Craft was arrested by Santa Rosa County, Fla. authorities and extradited to Etowah County to face charges in Alabama. He had been indicted in the fall of 2011 by an Etowah County grand jury for alleged illegal securities activities associated with his company. Indictments against Craft were also returned in Cullman and Shelby counties, and were combined into the Cullman County case.
"I hope the conviction of Mr. Craft sends a clear message to other fraudsters out there that the State of Alabama will not tolerate criminals preying on the citizens of Alabama," said Greg Biggs, who prosecuted the case for the Alabama Securities Commission.
The securities commission cautions potential investors to thoroughly scrutinize and research any investment opportunity before committing any money. The ASC offers free investor education and fraud prevention materials on its website (www.asc.alabama.gov) and through educational presentations upon request to those who call 800-222-1253.
* Benjamin Bullard can be reached by e-mail at bbullard@cullmantimes.com or by telephone at 734-2131 ext. 270.
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