NEW MARKET, Ala. (WHNT) – A New Market man was officially sentenced to 15 years in prison for securities fraud and has to pay over $120,000 in restitution to 22 victims, the Alabama Securities Commission (ASC) announced.

Aaron Brooks Butler, 33, pled guilty to securities fraud in January 2023 after he was indicted by a Colbert County Grand Jury in May 2022 and arrested in October 2022.

The commission says Butler pled guilty after telling investors in Negus Capital, Inc. that their money would be “used to buy and selling foreign currency, derivative options, and other investments.”

However, officials say he instead used the money for travel, jewelry, cash withdrawals, and other personal expenses.

Butler reportedly spent $25,000 on jewelry and $9,000 at a Ford dealership according to the ASC.

The 15-year sentence was part of Butler’s plea deal, as well as the $123,250 restitution he has to pay to 22 victims.

Butler is also permanently barred from the securities industry.