Daniel Scott Register of Valencia, California was indicted in Calhoun County, Alabama on charges of defrauding an Alabama investor. Register was arrested on October 6 by the Orange County, California Sheriff’s Department. He was then transferred on October 9 to a correctional facility in Los Angeles, and a hold was placed on him for pending felony charges in Calhoun County for securities violations. Brian A. McVeigh, District Attorney for the 7th Judicial Circuit, Calhoun County, and Joseph Borg, Director of the Alabama Securities Commission announced the arrest.
Register first faces probation violation charges in California, unrelated to the securities violations. A hearing in California will be scheduled for the probation violation charges, and then he may be extradited to Alabama for the securities charges.
A March 2014 session of the Calhoun County Grand Jury returned a four-count indictment against Register, alleging one count of acting as an unregistered investment adviser; two counts of fraud in connection with the advising others as to the value of securities or their purchase or sale (employing a device, scheme or artifice to defraud and engaging in an act, practice or course of business which operated as a fraud or deceit); and one count of first-degree theft of property by deception.
The indictment alleged that from around January 25, 2011 to November 10, 2011 Register advised an Alabama investor to liquidate their existing investment account and transfer about $26,000 to an individual retirement account for the purpose of purchasing gold or other precious metals. The indictment further alleged that Register provided a Wall Street Bullion Exchange invoice reflecting the purchase of gold on behalf of the investor, but instead, spent investor funds on personal and other unrelated expenses. The indictment alleges that Register was not properly registered with the Alabama Securities Commission to advise others as to investing in, purchasing, or selling securities as required by the Alabama Securities Act.
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.