Alabama Man Sentenced For Securities Fraud

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Alabama Man Sentenced For Securities Fraud

Keith Michael Rogers of Huntsville, Alabama was sentenced by Madison County Circuit Court Judge Alison Austin to three years in prison for securities fraud. He received a ten year split sentence and will serve three years and has seven suspended. Judge Austin also ordered Rogers to pay $1.7 million in restitution.

The sentencing follows Rogers’ guilty plea in March in which he admitted to using his clients’ investment money in a Ponzi scheme. The plea included one count of securities fraud. According to authorities, Rogers took more than $2.5 million from his investors and was using the money for his personal expenses and using funds from new clients to pay back earlier clients in classic Ponzi fashion.

According to Madison County Assistant District Attorney Jay Town, Rogers’ clients included former University of Alabama running back Kenneth Darby.

According to FINRA’s BrokerCheck, Rogers has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Rogers was the subject of one FINRA customer dispute in 2014 in which the customer alleged Rogers removed funds or securities from the Claimants’ accounts without authorization, made unauthorized trades, recommended unsuitable investments, and misrepresented or failed to disclose direct or indirect self interest risks, fees, financial information, and technical or analytical information. The Claimants requested $2,146,409.12 in damages. The case is still pending resolution.

Rogers has also been involved in two regulatory investigations. One alleged that Rogers was selling unregistered securities. The other alleged that he misappropriated client funds.

Rogers was registered with G.L.S. & Associates, Inc. in Huntsville, Alabama from January 2006 through January 2013.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

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