Ex-Georgia Legislator Owes SEC Nearly $10.8 Million to End Suit

A former Georgia state legislator will hand over almost $10.8 million as part of a deal to end an SEC suit alleging he defrauded at least 100 investors, a federal judge in the state said.

Clarence Dean Alford must pay about $10.6 million in disgorgement and prejudgment interest, and nearly $193,000 more as a civil fine, the U.S. District Court for the Northern District of Georgia said. An earlier final judgment mistakenly ordered Alford to pay less than $200,000 total to satisfy his obligation.

Alford fraudulently induced investors to give him more than $23 million for unregistered, high-yield promissory ...