New Market Man Pleads Guilty to Securities Fraud
NEW MARKET, Alabama (ON THE WEBSITE) – A New Market man recently pleaded guilty to securities fraud, according to a spokesman for the Alabama Securities Commission (ASC).
According to the commission, Aaron Brooks Butler, 33, of New Market, Negus Capital, Inc. pleaded guilty to the charges after telling investors their money was “currently being used to buy and sell foreign currencies, derivative options and other investments.”
But officials say she instead spent the money on travel, jewelry, cash withdrawals and other personal expenses.
Butler Negus Capital, Inc. served as the sole director of the company, reports ASC.
As part of the plea deal, Butler will be sentenced to 15 years in prison, with three years served in the Alabama Department of Corrections and five years of supervised probation. It will also pay $123,250 in restitution to 21 people.
Butler could be permanently barred from the securities industry in Alabama.
He will be punished later.
Suggest a correction
All news on the site does not represent the views of the site, but we automatically submit this news and translate it using software technology on the site, rather than a human editor.