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 (July 30, 2002) - The Honorable Randall Houston, District Attorney for the 19th Judicial Circuit, and Honorable Joseph P. Borg, Director of the Alabama Securities Commission, announced today the arrest of Francis Clark, Sr., formally of Montgomery, Alabama. Clark, who currently resides in South Carolina, and is currently held in the Elmore County jail under a $310,000.00 bond.

 

Clark was arrested by Deputies of the Elmore County Sheriff's Office, in Wetumpka on  Friday, July 26, 2002.  The arrest was a result of 61 indictments returned by the July 2002 Session of the Elmore County Grand Jury.  Clark was indicted on 25 counts of Theft of Property in the 1st degree; 26 counts of Fraud in Connection with the Sale of Securities; 5 counts of Selling Unregistered Securities; and 5 counts of Selling Securities Without Benefit of Registration as a Securities Agent.  It is alleged that Clark took in approximately $2.7 million from local and foreign investors and diverted the majority of the funds for his personal use.

 

The Alabama Securities Commission’s Enforcement Division began investigating Clark, the former President of the manufacturing company Fabtec, Inc., in December of 2000.  Fabtec Inc., was a subsidiary of Mitsubishi International Corporation located in the Wetumpka, Alabama area.  Complaints that led to the investigation alleged Clark spent corporate funds on personal items such as country club dues or his hobby of stock car racing.

 

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: 

 

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

 

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If you have questions or require more information contact:

Daniel G. Lord

Education and Public Affairs Manager