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CULLMAN COUNTY, AL — Jerry Gibbs Carter has been ordered to pay $222,000 in restitution and may serve up to three years in prison after he falsely claimed he was opening up a carwash chain here, an AL.com story reported.
The Nov. 27 story said Carter pleaded guilty to fraud and engaging in a scheme. He received a five-year split sentence which means he will may serve three in prison for violating the Alabama Securities Act.
Investors claimed that back in 2011 Carter had claimed to be opening a carwash chain and asked for money. The Alabama Securities Fund then discovered that Carter was not using the money to open a chain and was not registered with the Fund to receive money.
Carter was originally sentenced in 2011, but fled after his sentencing. He was eventually found and arrested on Nov. 13, 2013.
Director of the Alabama Securities Commission Joseph Borg stated in the story, "We hope this prosecution and sentence sends a clear message to criminals everywhere that the State of Alabama has zero tolerance for deceitful and fraudulent behavior. It will be punished and full reimbursement to the victims will be extracted. Our ability to partner with District Attorneys, as well as state, local and federal law enforcement is critical to the state's readiness to successfully prosecute fraudsters."
To read the entire story, click here.