ALABAMA SECURITIES COMMISSION
770 WASHINGTON AVE, SUITE 570
MONTGOMERY, ALABAMA 36130-4700
TELEPHONE (334) 242-2984
1-800-222-1253
FAX (334) 242-0240
E-MAIL asc@asc.state.al.us
FOR IMMEDIATE
RELEASE
MONTGOMERY, ALABAMA
(May 2, 2001) Joseph P. Borg, Director, Alabama Securities Commission announced
today that on April 27, 2001, warrants were signed by agents of the Alabama
Securities Commission Enforcement Division alleging that Joe Edward Spruiell, a resident of Cropwell, Alabama committed theft
in connection with the sale of securities.
On May 1, 2001 St.
Clair County Sheriff’s deputies arrested Spruiell and
formally charged him with two counts of 1st degree theft. A preliminary investigation conducted by the
Alabama Securities Commission disclosed that Spruiell
obtained approximately $70,000 from two St. Clair County residents. Spruiell
represented that he would invest funds on behalf of his clients with a company
known as Life Benefit Annuity Marketing.
The Alabama
Securities Commission (ASC) initiated the investigation based on a complaint
questioning the investments. The
preliminary investigation revealed that Spruiell was
not registered to sell securities as an agent in the state of Alabama, as
required under the Alabama Securities Act.
Also, the ASC found no record of the registration or any exemption from
registration of the securities issued by Life Benefit Annuity Marketing.
The investigation concerning the activities of Spruiell is continuing in cooperation with the St. Clair
County Sheriff’s Office and the St. Clair County District Attorney’s
office. If you are aware of anyone who
has had similar dealings with Spruiell, please call the Enforcement
Division, Alabama Securities Commission at 1-800-222-1253.
- more -
The Director of the Alabama Securities Commission cautions
potential investors to thoroughly check out any investment opportunity. For inquiries regarding securities
dealers, to report suspected fraud, or
obtain consumer information call 1-800-222-1253.
There is a vast amount of free information on saving,
investing and fraud prevention on the internet, the best starting point is at
the NASAA website (http://www.nasaa.org/),
take the main menu to Investor Education and enter into the Investor Tips
section. Numerous articles are provided
at this website for free or you may call or write the Alabama Securities
Commission, Division of Training and Public Affairs. Phone 1-800-222-1253 or send your request to
the Alabama Securities Commission, Training and Public Affairs, 770 Washington
Ave., Suite 570, Montgomery, Alabama 36130-4700.
###
FOR ADDITIONAL INFORMATION CONTACT:
Joseph P. Borg
Director
Alabama Securities Commission
(334) 242-2984
Daniel G. Lord
Training and Public Affairs
Alabama Securities Commission
(334) 242-2984