MONTGOMERY, Ala. — Joseph P. Borg, Director of the Alabama Securities Commission; and, Judy A. Newcomb, District Attorney for the 28th Judicial Circuit, Baldwin County, announced Tuesday that Richard James Tucker, a Baldwin County resident, was arrested for multiple violations of the Alabama Securities Act.

Tucker was arrested by Baldwin County Sheriff’s Department deputies and ASC Enforcement Division agents July 8 and charged with one count each of fraud in connection with the sale of securities, Sale of unregistered securities and sale of securities by an unregistered agent, all Class C felonies under Alabama law. Additionally, Tucker was charged with a single count of theft of property, 1st degree, a Class B felony. He is currently being held in the Baldwin County Detention Facility without bond.

Charges stem from Tucker’s alleged activities in association with Synergy Finance Group LLC, headquartered in Robertsdale. An investigation by ASC Enforcement Division, in cooperation with the Baldwin County District Attorney’s Office, revealed that Tucker was allegedly operating an advance fee loan business, self-described as a “multi-billion dollar loan brokerage,” and solicited money from U.S. and foreign investors seeking large, non-collateralized loans which involved unlawful securities transactions. Records indicate that neither Tucker nor his company was registered with the ASC to conduct securities business in Alabama or to offer and/or sell securities outside of Alabama.

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.