Alford resolved the matter through a negotiated settlement, one of his attorneys, Walter Jospin, told The Atlanta Journal-Constitution on Thursday. U.S. District Court Judge Thomas Thrash signed the order last week.
U.S. Securities and Exchange officials say Alford, who owned an energy company, sold promissory notes to investors — primarily Indian American professionals in the Columbus area — and guaranteed he would provide high annual rates of return. However, Alford’s company, Allied Energy Services, was struggling and he could not repay his investors. Alford used the money he raised to make interest payments to earlier investors and for personal expenses, such as building a multimillion-dollar home, the SEC said.