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 25, 2004)
The Honorable Charles Baker, District Attorney, 14th Judicial
Circuit, Walker County, Alabama and the Honorable Joseph P. Borg, Director,
Alabama Securities Commission announced today that on May 17, 2004,
John Mewbourn pled guilty to 6 counts of sale of unregistered securities before
Judge James C. Brotherton, Circuit Court of Walker Co. A sentencing hearing for Mewbourn took place
today and testimony was given by parties of interest. A final sentencing decision will be made at a later date.
Mewbourn was previously convicted of Theft of Property
I in the Circuit Court of Chilton Co. for a sale he made to a Chilton Co.
resident. He was sentenced in January and is currently serving a split sentence
of 10 years, to serve 12 months in the Chilton Co. jail.
John Mewbourn,
formerly a pastor of Agape Christian Ministries, was involved in a mortgage scam with Francis Eugene Blacketer
of Springfield, Missouri who was indicted on 16 counts of selling securities in
Alabama without being registered with the Alabama Securities Commission. Francis Eugene Blacketer pled guilty and was
sentenced to 25 years in the state penitentiary for 80 felony counts of fraud,
by the Honorable Judge James C. Brotherton in a hearing on September 14, 2001.
Creative
Funding was a loan scheme, where investors supplied the loan money for
mortgages, which were to pay a high rate of return. At the end of the contract, the borrower was supposed to make a
single "balloon" payment that would return the investor's principal
plus substantial interest. Since the
mortgages never existed, investors lost their money and it will probably never
be recovered.
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, 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
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If you have questions or require more information contact:
Daniel
G. Lord
Education and Public Affairs Manager