Man pleads guilty to securities fraud
A Shelby County man has pleaded guilty to violating the Alabama Securities Act.
Lysle John Fleming pleaded guilty to one count of securities fraud in Shelby County Circuit Court Feb. 2, according to a news release. Fleming was ordered to pay $25,777 in restitution to two Alabama investors and one Missouri investor.
An indictment alleged that Fleming sold unspecified, non-existent overseas investment opportunities to the three investors without registering with the Alabama Securities Commission. The indictment also alleged that Fleming used investors’ money for personal gain.
Fleming received a one year and one day sentence, which was later suspended. He has been placed on two years of supervised probation.