Executive Officer Indicted in $7 Million Investment Fraud Scheme

An Atlanta executive officer has been indicted in connection to a $7 million investment fraud scheme, according to the Justice Department Thursday.

Craig Allen, executive officer of C.M. Allen Capital Management, Inc., allegedly defrauded investors in the Cheetah Fund. Allen allegedly misrepresented the fund’s annual investment returns and falsified documents to report fraudulent investment gains, said the DOJ.

He allegedly used money from new investors to repay previous investors as well as to fund his lifestyle.

This story was produced by Bloomberg Law Automation.