Men plead guilty to scamming Madison Co. investors | Crime
Two men have entered guilty pleas in Madison County Court to securities fraud charges.
Bruce Mabey of Utah and Patrick Daleiden of Florida entered the pleas on November 27th.
According to District Attorney Rob Broussard, the men were each sentenced to six years in prison, and pay $1,475,000 in restitution to victims.
The men are also involved in a scam case in Choctow County, with Madison County resident Matthe Gibson. Gibson pled guilty on November 28th in that case. He was sentenced to a year in prison, according to Joseph P. Borg, the Director of the Alabama Securities Commission.
The men reportedly scammed Madison County residents out of millions of dollars on a phony development in Choctaw County. Investors were given worthless promissory notes while the men put the investments in personal accounts. The scam began in 2006, but unraveled by 2009, when the men were indicted.
"Daleiden, Mabey and Gibson cheated hardworking people and communities out of millions of dollars. Daleiden and Mabey also took a joyride around the world living the high life at the expense and demise of others for almost a decade." Borg said in a prepared release. "Justice has been served and one reason is the superb continuing support, cooperation and sharing of resources between state and federal law officials. In addition to recognition of the Alabama Securities Commission's Enforcement Division, special recognition goes to Kenyen Brown, U.S. Attorney for the Southern District of Alabama, and the FBI. Our agency welcomes continued cooperation with federal, state, and local authorities to prevent financial fraud and exploitation of citizens and to punish those who break the law."