Ex-Ga. Rep. To Settle SEC's $23M Securities Fraud Claims

Law360 (July 30, 2020, 11:09 PM EDT) -- A businessman and former Georgia legislator has agreed to settle the U.S. Securities and Exchange Commission's claim that he conned investors out of $23 million for a bogus clean energy project, court records filed Thursday show.

Clarence "Dean" Alford, a former five-term state representative, didn't confirm nor deny the SEC's allegations filed in a Georgia federal court, but agreed to a permanent injunction barring him from fraudulent securities offerings. The court has been asked to determine whether Alford must pay civil penalties and how much of his allegedly ill-gotten gains must be disgorged.

The commission claimed Alford took between $25,000 and...

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