DreamVision promoter pleads guilty to securities fraud, ordered to pay over $7M in restitution
LAUDERDALE COUNTY, Ala. – The promoter for a defunct theme park investment has been sentenced to prison time and ordered to pay more than $7 million in restitution for defrauding investors.
The Lauderdale County District Attorney, Chris Connolly along with the Director of the Alabama Securities Commission (ASC) Joseph Borg announced that Bryan Kevin Robinson of Killen pleaded guilty in circuit court to securities fraud, a Class B felony, for deceiving more than 40 Alabama investors.
Robinson was sentenced to ten years in prison as part of his plea agreement. Judge Gilbert P. Self ordered Robinson to pay court costs, fees, and more than $7 million in restitution to the victims in the case. As part of the plea, Robinson is also permanently barred from the securities industry in Alabama.
The investigation into his company, Robinson Capital Investments, LLC, led to the discovery of investments into other ventures, including an amusement park to be constructed in the Muscle Shoals area of Alabama.
Authorities say that investors were told that their funds would be used to finance a specific investment, but instead Robinson diverted the funds to personal expenses or other investments not related to the stated purposes and for which the investors would not have agreed, and used some of the funds to make Ponzi style payments to earlier investors.
Robinson’s actions ultimately resulted in a total loss to the victims of $7,017,790.33.
“This Commission is unwavering in its commitment to protect and maintain sound capital markets in Alabama,” said ASC director Borg. “Bryan Robinson engaged in a course of business which operated as a fraud upon Alabama investors. Robinson sought to profit by stealing millions of dollars from over 40 Alabama investors who trusted him with their life savings; this conduct will not be tolerated in Alabama. A special thanks goes to the Atlanta Regional Office of the Securities and Exchange Commission for their support in this case.”