June 16, 2010 - AUGUSTA, GA—ALVIN CHARLES RAMSEY, 44, a financial advisor from Martinez, Georgia pleaded guilty before United States District Court Judge J. Randal Hall to defrauding a client out of more than $400,000.
United States Attorney Edward J. Tarver said, “The United States Attorney's Office will continue to aggressively prosecute those within the financial services industry who abuse the trust placed in them by stealing their clients’ money.”
Evidence presented during the guilty plea hearing revealed that Ramsey obtained a power of attorney over his client’s investments and then, without that client’s knowledge or permission, stole more than $400,000 out of her investments for his personal use.
Ramsey faces a maximum penalty of 20 years' imprisonment, a $250,000 fine, and three years of supervised release. He remains on bond pending his sentencing hearing, which has not yet been scheduled.
U.S. Attorney Tarver applauded the efforts of the FBI, and particularly FBI Special Agent Paul Kubala, in investigating this case.
Assistant United States Attorney David Stewart prosecuted the case for the United States. For additional information, please contact First Assistant United States Attorney James D. Durham at (912) 201-2547.
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