Dear News Media
Professionals: The article shown below
is FOR IMMEDIATE RELEASE. Dan
Daniel G. Lord
Education and Public Affairs
E-mail: dlord@asc.state.al.us
Telephone:
(334) 353-4858
1-800-222-1253
(334) 353-4690 FAX
Website: www.asc.state.al.us
_____________________________________
Leura Garrett Canary, United States Attorney for the Middle
District of Alabama, and Joseph P. Borg, Director, Alabama Securities
Commission jointly announced that on December 5, 2002, George Dewey Creel, age 50,
of Autauga County, pled guilty in United States Magistrate Court before
Magistrate Judge Susan Russ Walker to two counts of wire fraud in violation of
Title 18, United States Code, Section 1343.
Mr. Creel pled guilty to devising a scheme and artifice to
defraud investors by making false representations that he would invest their
money in commercial ventures through his business Creel Builders, Inc. Over a two year period, he defrauded
investors of approximately $699,000.00.
According to United States Attorney Canary, "the United States is
pleased with the outcome of this case given the scope and magnitude of Mr.
Creel's scheme in terms of the number
of victims and the amount of their loss.
This case is another example of the need for greater scrutiny and
prosecution of economic crimes which impinge on the credibility of our
financial systems and shake investors' confidence."
The U. S. Attorney's Office and the Alabama Securities
Commission 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:
Write: Alabama Securities Commission
770 Washington Avenue, 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
Mr. Creel faces a maximum possible sentence of not more than
five years and not more than the greater of twice the gross gain or gross loss
caused by his scheme to defraud, or both.
He will also face a possible restitution order for repayment of the
monies to the investors he defrauded.
Sentencing date has yet to be scheduled.
This case was investigated by agents from the Alabama
Securities Commission and the Federal Bureau of Investigation.
The case was prosecuted by
Assistant United States Attorney J. B. Perrine.
Retta Goss
Press Officer
Middle District of Alabama
334-223-7280 Ext. 155