Richard James Tucker, 39, of Fairhope was convicted of 13 counts of criminal activities. Charges against Tucker included two counts of misrepresentation in the sale of securities, five counts of failure to state a material fact in the sale of securities, one count of sale of an unregistered security, two counts of overall scheme to defraud and, two counts of first-degree theft of property. Tucker was convicted in Baldwin County Circuit Court and will be sentenced on May 24.
In 2010, Tucker was arrested after Alabama Securities Commission Investigators charged him with promising access to millions of dollars in exchange for up-front fees through the company. Investors in 2009 wired Tucker nearly $3.3 million to Synergy accounts, but never saw any return of their investments, investigators said in court filings.
Greg Biggs, the prosecutor in the case said, “Tucker used this scheme to take victims’ money, promising to obtain millions in return.” “However,” Biggs added, “He used investors’ hard earned money for his own personal gain We are grateful for the jury’s quick work in sending a strong message to Tucker and all financial criminals like him.”
Tucker’s lawyers have denied after his arrest, that there were any wrongdoings.
The director of the Alabama Securities Commission, Joseph Borg, praised efforts by local and state officials in convicting Tucker.
Borg said, “We appreciate the excellent support of the Baldwin County District Attorney’s Office and other local and county law enforcement officials and the superb investigative efforts of our Enforcement division in this complex case. We also commend the ASC prosecution team of attorneys Greg Biggs, Amanda Senn and Deputy Director for Enforcement, Steve Feaga, for their efforts in bringing justice to those who would cheat our citizens out of their life savings.”
There were five defendants in this case and all were indicted and pled guilty to charges. The five defendants took part in an advance-fee loan business that was described as a “multi-billion dollar loan brokerage.” Money was solicited from American and foreign investors for security transactions, commission officials said. None of the defendants or the company they represented were registered to offer or sell securities within, into or from Alabama, a requirement through the Alabama Securities Act.
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