Clarence Dean Alford | SEC Files Complaint | Recover Investment Losses

Clarence Dean Alford | SEC Files Complaint | Goodman & Nekvasil P.A. May Recover Investor Losses

According to the SEC:

On April 2, 2021, the United States District Court for the Northern District of Georgia entered final judgment on the SEC’s fraud claims against former Georgia state legislator Clarence Dean Alford.

The SEC’s complaint alleged that from 2017 to 2019, Alford, who was the Chief Executive Officer, President, and co-managing member of Allied Energy Services, LLC, fraudulently induced at least 100 investors, most of whom were members of the Indian-American community, to invest at least $23 million in unregistered, high-yield promissory notes purportedly issued by Allied. The complaint alleged that Alford lied to potential investors about, among other things, Allied’s financial condition. For example, Alford emailed at least one investor a purported financial statement that conveyed falsely that Allied had millions in assets and revenues from 2016 through 2018, even though Allied’s federal tax returns reflected that, during the same time period, it had less than $1 million in assets and far less in “gross receipts.” The complaint further alleges that the statement conveyed the false impression that it was prepared or reviewed by a particular accounting firm, when in fact that accounting firm never reviewed or prepared any financial statements for Allied. In addition, as alleged in the complaint, Alford falsely told potential investors that Allied would use their funds for various projects, including to support a purported solar energy program, and provided prospective investors a document stating that Allied had “teamed up” and had “partnerships” with several “international solar companies,” including two that it named. According to the complaint, however, Alford knew that Allied never had an agreement or partnership with any of the solar companies listed in the document, and Alford actually used the investor funds to pay personal expenses, including construction costs associated with a multi-million dollar home, and to make interest payments to earlier investors.

Investors with Clarence Dean Alford May Recover their Losses with Goodman & Nekvasil, P.A.

If you invested with Clarence Dean Alford, Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $200 million dollars on behalf of victimized investors.

All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.

There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

If you incurred investment losses with Clarence Dean Alford  and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.



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