MONTGOMERY, Ala. (WIAT) — Montgomery County District Attorney Daryl Bailey and Alabama Securities Commission Director Joseph Borg announced that a Montgomery man was arrested for financial exploitation of the elderly and securities fraud Monday.
35-year-old Nicholas Allen, of Montgomery, was indicted on one count of securities fraud and one count of financial exploitation of the elderly. He turned himself into the Montgomery County Jail Monday. Securities fraud and financial exploitation of an elderly are Class B felonies with a range of punishment from two to 20 years with a $30,000 fine per charge.
According to the indictment, Allen solicited over $179,000 from a person over the age of 65 to flip a house and/or invest in his company. The indictment also alleges that Allen, through the use of deception, intimidation, or threat of force, obtained unauthorized control over the victim’s personal property and funds, exceeding $236,000.