COLBERT COUNTY, Ala. (WHNT) — A Madison County man has been indicted for 13 violations of securities law.

The Alabama Securities Commission (ASC) and Colbert County District Attorney Bryce Graham Jr. announced that Aaron Brooks Butler, 33, of New Market was arrested after he was indicted in May 2022. He is charged with 11 counts of securities fraud, one count of sale of securities by an unregistered agent, and one count of sale of an unregistered security.

Securities fraud is a Class B felony in Alabama and is punishable, upon conviction, with two to 20 years in prison and a fine of up to $30,000 per charge. Registration violations are Class C felonies and can carry a sentence of one year and one day to 10 years in prison and a fine of up to $15,000 per charge.

The indictment alleges that Butler solicited a least $84,000 from investors while acting as the sole agent of Negus Capital Inc during a period between March 2017 and December 2017. The ASC said Butler told investors that the funds would be used in connection with buying and selling foreign currency, derivatives, and other investments.

The indictment says Butler instead used the money for other purposes including travel expenses, jewelry purchases, cash withdrawals, and/or personal expenses.

Butler is currently out on a $30,000 bond and will be arraigned on Nov. 29 in Colbert County.