Cornelius Alig, an architect and real-estate developer from Indianapolis, Indiana, allegedly received thousands of dollars from victims through promissory notes he was unable to pay. Alig was charged earlier this year with twenty felonies, including several counts of securities fraud, forgery and theft, following a lengthy grand jury investigation. He pleaded guilty this week to theft and fraud charges.
According to prosecutors, Alig received personal profits from eight promissory notes, totaling $340,000. He was unable to repay the notes and did not own the collateral offered as security for the notes.
Most of the charges against Alig were dropped as part of a plea deal with the prosecutor’s office. The agreement calls for a sentence of two to eight years and requires Alig to pay restitution to victims.
Alig was a partner at Lockerbie Commons LLC, which owned and operated an office property in Downtown Indianapolis. The prosecution claims Alig pocketed thousands of dollars in rent payments from Lockerbie Commons’ office tenants. An investigation into Alig began in 2012 after one of his business partners found a number of promissory notes, one of which was issued mere weeks before Alig filed for personal bankruptcy.
Alig will be sentenced on January 29, 2016.
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.