Alabama Pastor and Attorney Are Arrested for Securities Fraud
A pastor in Jefferson County and an attorney from Trussville, Alabama have been arrested for investment fraud – they were cheating investors by selling phony securities.
According to the Alabama Securities Commission, Pastor Randall Layne Pardue and attorney Cary Allen Burdette were booked and indicted for conducting securities business without a proper license. Both have been accused of cheating investors in fraud schemes. Burdette has been charged with 13 counts of fraud in connection with the sale of a security, and one count for each sale of security by an unregistered agent. .jpg)
Pardue, the pastor of an unidentified Birmingham area church, is being charged with seven counts of fraud in connection with the sale of a security, and one count for each sale of an unregistered security.
Pardue convinced at least half a dozen members of his church to invest in his scheme. He reportedly told some of his investors he would be investing their money in a gulf shores condo project. Burdette was also a member of the church.
There are few details about the fraud, but one fact is: gullible investors are more likely to trust their money to people who seem like upstanding members of their community - church going, reputed people. The stereotype of the oily haired salesman is yesterday’s investment fraud news. Today’s fraudster knows that a carefully cultivated image of respectability nets investors faster than any group presentations or brochures could.
