Telephone: (334)
242-2984 or 1-800-222-1253. Fax: (334) 242-0240
Email: asc@asc.alabama.gov Website:
www.asc.state.al.us
For Immediate Release
MONTGOMERY,
ALABAMA (July 29, 2004) Joseph P. Borg, Alabama Securities Commission, Randall
V. Houston, District Attorney, 19th Judicial Circuit in Alabama, and
Elmore County Sheriff Bill Franklin, announced today the indictment and arrest
of Edwin Rick Wood of Millbrook, Alabama on 21 counts of the
sale of unregistered securities, 21 counts of the sale of securities by an
unregistered agent, 64 counts of Securities Fraud, and 16 counts of theft of
property in the first degree. Circuit
Judge Ben A. Fuller set the bond on this case at $600,000.00.
The
indictment alleges that from July 2002 to January 2004, Wood fraudulently
induced 34 residents from the states of
The
indictment further alleges that Wood falsely led his victims to believe that he
had exclusive rights to government subsidized construction contracts in the
cities of Millbrook and
Wood
is also charged with operating a scheme to defraud the investors while selling
the promissory notes. The state alleges
that Wood never had the financial ability to pay the interest rates represented
to investors. As a result, the majority
of the checks issued by Wood to investors came from money invested by other
investors and not profits derived from construction projects.
- more -
The indictment is the result
of a joint investigation conducted by the Alabama Securities Commission, the
District Attorney Houston’s office, and the Elmore County Sheriff’s
office. Director Borg complimented and
thanked Elmore County Sheriff Bill Franklin and District Attorney Randall
Houston for their commitment to the investigation and the prosecution of
financial crimes.
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FOR ADDITIONAL INFORMATION CONTACT:
Dan Lord, Education and Public Affairs,
Telephone: (334)
242-2984 or 1-800-222-1253. Fax: (334) 242-0240
Email: asc@asc.alabama.gov Website:
www.asc.state.al.us