Authorities have arrested a Stone Mountain woman who allegedly solicited investor funds through an Alabama company and used those funds for non-investment purposes.
Khatra Mohamed was arrested Friday in DeKalb County for alleged violations of the Alabama Securities Act, the Alabama Securities Commission said in a statement.
She is accused of participating in a “prime bank” investment scheme that involved fraudulently soliciting funds through Richard James Tucker of Robertsdale, Ala., and his company, Synergy Finance Group LLC, according to the statement.
Mohamed also allegedly “used investor funds for non-investment purposes, in violation of Alabama law,” the commission said.
Back in November, a Baldwin County grand jury indicted Mohamed, charging her with one count of conspiracy to commit securities fraud and one count of fraud in connection with the sale of securities.
Under Alabama law, the conspiracy charge is a Class C felony, which has a maximum punishment of one to 10 years in prison. The securities fraud charge is a Class B felony, which carries a two- to 20-year prison sentence.
“The ASC and its Enforcement Division gratefully acknowledges and thanks the Gulf Coast Regional Task Force and the DeKalb County, Georgia Sheriff’s Department for their indispensable cooperation and assistance that led to this individual being successfully taken into custody to answer for the offenses with which she is charged,” ASC Director Joseph Borg said.
Mohamed is being held in the DeKalb County jail in lieu of $1 million bond. She will be extradited to Baldwin County, Ala., the former location of the headquarters of Tucker’s finance group.
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