MONTGOMERY --- A Baldwin County man was sentenced last week in Baldwin County’s Circuit Court on 13 counts involving Securities Act violations associated with a local finance group.

According to a press release issued by Joseph P. Borg, director of the Alabama Securities Commission, on behalf of Baldwin County District Attorney Hallie Dixon, Richard James Tucker, 39, whose address was listed as Robertsdale when he was arrested in July of 2010, but was listed with a Fairhope address when he was booked into the Baldwin County Corrections Facility on April 13, was tried before Judge James A. Reed and convicted by a jury on all 13 counts after three hours of deliberation on April 13 for his involvement with Synergy Finance Group LLC, a Robertsdale-based company.

On Wednesday, May 23, Tucker was sentenced to 12 years, split to serve 24 months, on nine counts of fraud in connection with the sale of securities and on two counts of theft of property, first degree. The court also sentenced Tucker to eight years, split to serve 18 months, on one count each of conspiracy to commit securities fraud and sale of an unregistered security. All sentences will run concurrently and Tucker was ordered to pay court costs associated with his trial.

The ASC also petitioned the Court to compel Tucker, once released on parole, to submit sworn quarterly financial statements with the court to determine his sources of income, the motion was upheld. A restitution hearing will be scheduled in the near future to determine a repayment plan to U.S. and foreign victims who lost approximately $2.8 million and for the disbursement of approximately $400,000 in seized funds being held by Baldwin County authorities. Tucker’s defense attorney gave notice of appeal and Tucker remains in Baldwin County jail pending a $175,000 bond.

“Justice has been served,” 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.”

Biggs, the lead prosecutor in the case, said, Tucker used this scheme to take victims’ money, promising to obtain millions in returns, but instead used the investors’ money for personal gain.

“We are grateful for the jury’s quick work in sending a strong message to Tucker and all financial criminals like him,” Biggs said.

Grand jury indictments were previously issued against Tucker’s co-defendants, Michael David Judd of Studio City, Calif.,; Paul Liggett of Fenton, Mo.; Kirk Patterson of Clovis, Calif.; and, Sam Williams Jr., an Atlanta, attorney. Judd pled guilty to a single count of sale of unregistered securities in Baldwin County Circuit Court in February and was ordered to pay $160,000 in victim restitution. Liggett and Patterson pleaded guilty in April to one count each of sale of securities by an unregistered agent and were ordered to pay $137,000 and $48,000 respectively in victim restitution.

Reed ordered Judd, Liggett and Patterson to enter a pre-trial diversion program for three to five years, in order for the men to pay victim restitution.

Williams pleaded guilty to one count of sale of unregistered securities in April. Reed ordered a delay in the final adjudication of Williams’ case to determine if he can enter a pre-trial diversion program to include payment of approximately $380,000 in victim restitution and, with ASC oversight, agreeing to speak publicly about the dangers of improperly using attorney escrow/trust account services in financial schemes, allowing the perpetrators to give the impression of credibility.

An ASC investigation revealed that the five men were involved in the operation of an advance-fee loan business, self-described as a “multi-billion dollar loan brokerage.”

The scheme solicited investment money from United States and foreign investors seeking large, non-collateralized loans which involved unlawful securities transactions. ASC records revealed that none of the men or the company they represented were registered to offer and/or sell securities within, into or from Alabama, as required by the Alabama Securities Act.

The ASC cautions potential investors to thoroughly scrutinize and research any investment opportunity or offer. Contact the ASC with inquiries concerning securities broker-dealers, agents, investment advisers, investment adviser representatives, financial planners, registration status of securities or debt management programs, to report suspected fraud or to obtain consumer information. The ASC provides free investor education and fraud prevention materials in print, on our website and through educational presentations upon request.

The ASC cautions potential investors to thoroughly scrutinize and research any investment opportunity or offer. Contact the ASC with inquiries concerning securities broker-dealers, agents, investment advisers, investment adviser representatives, financial planners, registration status of securities or debt management programs, to report suspected fraud or to obtain consumer information. The ASC provides free investor education and fraud prevention materials in print, on our website and through educational presentations upon request.