Cullman businessman sentenced for securities fraud - WAFF-TV: News, Weather and Sports for Huntsville, AL

Cullman businessman sentenced for securities fraud

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Source: MGN Online Source: MGN Online

Cullman businessman Jerry Gibbs Carter has pleaded guilty to one count of securities fraud.

A judge has ordered him to pay $222,000 in restitution and sentenced him to five years probation.

The Alabama Securities Commission said Carter asked for money to fund a chain of car wash and automobile maintenance facilities, but he didn't use the money as it was represented and he wasn't properly registered to solicit the money in the first place.

After being indicted in January 2011, Carter fled from Alabama. He was caught in November 2013 in West Palm Beach, Florida and transported to Cullman County to wait for his trial date.

The judge says if Carter doesn't make his restitution payments, that probation will be revoked and he will serve three years in prison.

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