Muscle Shoals man pleads guilty to insurance and securities fraud
COLBERT COUNTY, Ala. – A Muscle Shoals man accused of stealing money from the elderly has pleaded guilty to insurance fraud.
Ronald Warren Powell, 56, pleaded guilty earlier this week to insurance and securities fraud in Colbert County Circuit Court. He received a 7-year sentence for the securities fraud and a 5-year sentence for insurance fraud.
Powell was arrested in Limestone County in August 2017. He was indicted in Colbert County this past April.
Powell was accused in Colbert County of fraudulently taking thousands of dollars from two people, according to his indictment.
The Alabama Securities Commission said Powell defrauded investors and clients out of more than $800,000.
Online records show Limestone County has dropped its case against Powell at the request of the victim.
Powell is out of jail awaiting a probation hearing that is scheduled for late February, according to court records.