TUSCUMBIA - A Colbert County grand jury has indicted a Muscle Shoals man on nine charges including securities fraud, theft of property and insurance fraud.
Ronald (Ronnie) Warren Powell, 56, 613 Brighton Ave., Muscle Shoals, turned himself in at the Colbert County Jail.
The charges include two counts of fraud in connection with the sale of securities; first-degree financial exploitation of the elderly; sale of unregistered securities; sale of securities by an unregistered agent; two counts of first-degree insurance fraud; and two counts of first-degree theft of property.
Officials said the indictments were issued during the March session of the Colbert County grand jury.The cases were presented to the grand jury by members of the attorney general's office.
The indictments were issued following an investigation by the Alabama Securities Commission and the Alabama Department of Insurance.
Powell is charged with acting as an insurance and financial agent to fraud customers out of money.
Investigators said the customers were paying Powell money for services, but he was not providing them with the services.
Officials with the Alabama Securities Commission said according to the indictment, Powell participated in illegal securities transactions by selling promissory notes and misappropriating the investment funds received in exchange for the notes.
Authorities said Powell is also accused of obtaining money for insurance policies that had lapsed.
A 2015 order from the Alabama Securities Commission barred Powell from "transacting business as a dealer, agent, investment advisor, or investment advisor representative."
Reports indicate Powell continued to act as a financial adviser even after being barred from doing so.
He was the chairman and CEO of Tom Jones Insurance and Financial Services Group at the time, the order states.
Powell was indicted in September 2017 in Limestone County on some of the same charges, according to the indictment.
Powell is out of jail after posting bail of $15,000.
He is scheduled to be arraigned today by Colbert County Circuit Judge Hal Hughston Jr.
The post Alabama Ex-Advisor Charged In Wide-Ranging Insurance, Financial Fraud appeared first on InsuranceNewsNet.
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