ALABAMA
SECURITIES COMMISSION
770 WASHINGTON AVE, SUITE 570
MONTGOMERY, ALABAMA 36130-4700
Telephone: (334) 242-2984 or 1-800-222-1253. Fax: (334)
242-0240
Email: asc@asc.state.al.us. Website:
www.asc.state.al.us
FOR
IMMEDIATE RELEASE
MONTGOMERY, ALABAMA
(January 22, 2002) Honorable Van Davis, District Attorney, 30th
Judicial Circuit, St. Clair County, Alabama and Honorable Joseph P. Borg,
Director, Alabama Securities Commission announced today the arrest of Joseph
Edward Spruiell, a resident of Cropwell, Alabama. Spruiell's arrest, last Friday, was a result of a St. Clair
County, Grand Jury (January 2002) indictment.
His bond is set at $150,000 and a trial will be scheduled in the near
future.
Spruiell was charged with a total of 12 counts surrounding his sale of securities:
- Sale of a Security by an Unregistered Agent (3 counts).
- Sale of an Unregistered Security (3 counts).
- Securities Fraud (3 counts).
- Theft of Property in the 1st Degree by Deception (3 counts).
An investigation conducted by the Alabama Securities
Commission disclosed that Spruiell obtained approximately $300,000 from three
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 Director of the Alabama Securities Commission
(ASC) cautions potential investors to thoroughly check out any investment
opportunity. Contact ASC for inquiries
regarding securities broker-dealers, agents, investment advisors, and
investment advisor representatives, the registration status of securities, to report suspected fraud, or
obtain consumer information:
- more -
ALABAMA
SECURITIES COMMISSION
770 WASHINGTON AVE, SUITE 570
MONTGOMERY, ALABAMA 36130-4700
Telephone: (334) 242-2984 or 1-800-222-1253. Fax: (334)
242-0240
Email: asc@asc.state.al.us. Website:
www.asc.state.al.us
###
If you have questions or require more information
contact:
Joseph
P. Borg
Director
Daniel
G. Lord
Education and Public Affairs Manager