NEW MARKET, Ala. (WHNT) — A man in New Market recently pled guilty to securities fraud, according to a spokesperson with the Alabama Securities Commission (ASC).
The commission says Aaron Brooks Butler, 33, of New Market, pled guilty to the county after telling investors in Negus Capital, Inc. that their money would be “used to buy and selling foreign currently, derivative options, and other investments.”
However, officials say he instead used the money for travel, jewelry, cash withdrawals, and other personal expenses.
Butler acted as the sole principal of Negus Capital, Inc., according to ASC.
As part of the plea deal, Butler will be sentenced to serve 15 years — split with three years in the Alabama Department of Corrections and five years of supervised probation. He will also pay $123,250 in restitution to 21 individuals.
Butler could also be permanently barred from Alabama’s securities industry.
He will be sentenced at a later date.