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 (March 24, 2003) - The Honorable Gary Alverson, District Attorney, 31st
Judicial Circuit, Colbert County and the Honorable Joseph P. Borg, Director,
Alabama Securities Commission announced that Dale and Shirley
Graybill were arrested March 22, 2004 on two, 3 count indictments returned
against them by the Grand Jury of Colbert County for Securities Fraud involving
a company know as Memlock Systems. The
Graybills were released on $15,000 bond each.
The indictments allege that the Graybills sold
unregistered securities (2 counts each person) described as an off-shore bank
debenture trading program and employed a scheme to defraud investors (1 count
each person) in violation of the Code of Alabama 1975. A review of the Commission
registration files disclosed no record of the registration or exemption of any
securities issued by Dale or Shirley Graybill or Memlock Systems in the State
of Alabama.
Evidence for the indictment was a result of an
investigation conducted by the Alabama Securities Commission, which started due
to a complaint from a resident of Muscle Shoals, Alabama about a company known
as Memlock Systems.
Memlock Systems was supposedly an offshore
international business corporation located in the Turks and Caicos Islands. The
investment funds from the Alabama residents and several other investors outside
of Alabama were wire transferred to the Memlock Systems bank account located
offshore. Alabama investors in the
program did not receive any returns as represented.
Potential
investors can contact the Alabama Securities Commission for inquiries regarding
securities broker-dealers, agents, investment advisors, investment advisor
representatives, financial planners, 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
###
If you have questions or
require more information contact:
Daniel G. Lord
Education and Public Affairs Manager