Man Pleads Guilty to Securities Fraud in Wood Product Case
James Leonard Craft, of Century, Florida, recently pleaded guilty to one count of securities fraud for an alleged investment scheme that affected investors in several counties in Alabama, including Cullman County and Shelby County. Although Craft is awaiting sentencing, the court is looking into his ability to make restitution to his alleged victims in the amount of $185,000.
According to court documents, Craft is accused of using his Century Lumber & Land company to fraudulently solicit money from Alabama investors. Craft allegedly told his investors that their money would be used to purchase South American wood products that would later be resold to distributors in the United States for the purpose of manufacturing railroad cross ties and other products. However, Craft admitted in court that he intended to use the money he took from investors for himself, and investors’ cash was allegedly not used to invest in wood products.
Additionally, Craft was not registered to sell securities in Alabama, nor was Century Lumber & Land.
The securities fraud lawyers with Meyer Wilson would like to remind you to always do your research before making an investment, including checking to make sure your broker is registered in your state. If you have already become the victim of securities fraud, please don’t hesitate to contact us for more information about your rights and options when it comes to recovering your losses. Just give us a call today at our toll-free number, or simply fill out our confidential online contact form.