MARSHALL COUNTY, Ala. (WHNT) – Two people have been arrested for financial exploitation of the elderly, as well as securities law violation.
According to a release from Marshall County district attorney Clark E. Johnson, III, and Joesph Borg, director of the Alabama Securities Commission (ASC), two people have been arrested for exploiting an elderly Alabama couple in 2018. The indictments were returned by the Marshall county Grand Jury in Aug. 2022.
The indictment alleges that Allen Stanko, 56, and Connie Stanko, 56, obtained over $243,000 from an elderly couple between May 9, 2018, and June 15, 2018. The Stankos told the couple that they would be investing in real estate through Big A Roofing and Siding. However, they were using those funds for personal and unrelated expenses.
The elderly couple did not receive a return of their principal plus the interest as Allen promised. During this time, Allen was not registered with the ASC to offer or sell these investments. The securities were also not registered with the ASC.
Allen turned himself in to the Marshall County Sheriff’s Office (MCSO) on Nov. 27, 2022. He was released to the Cullman County Sheriff’s Office on unrelated charges. Connie was arrested by the Palm Beach County Sheriff’s Department on Nov. 22, 2022. The pair’s bond was set at $10,000 by MCSO.
Both Allen and Connie were each charged with financial exploitation of the elderly. Allen was charged with two counts of securities fraud and two counts alleging securities registration violations. Connie was charged with conspiracy to commit securities fraud.