Clarence Dean Alford, a former member of the University System of Georgia Board of Regents, was indicted on Tuesday on various allegations, including running a Ponzi scheme that deceived investors out of millions.
According to the press release, the Office of the Georgia Attorney General announced that the prosecution charged Alford with one count of racketeering, one count of criminal attempt, one count of computer forgery and five counts of forgery in the second degree
Before serving on the Board of Regents, Alford was a part of the Georgia State Legislature for 10 years. Alford stepped down from his position with the Board of Regents in October 2019 after joining the board in 2012. He resigned from his duties after law enforcement started an investigation regarding the allegations.
Prosecutors say Alford wanted to acquire approximately $1.7 million by selling fake accounts receivable invoices worth around $2.2 million. He allegedly made this money by creating fake contracts, invoices and other documents to show that state agencies owed his company money.
“Acts of fraud and corruption have no place in Georgia’s state government,” said Deputy Attorney General for the Prosecution Division John Fowler in a press release. “Those who are trusted to be public servants must discharge their duties ethically and honestly, and when they do not, this office and our law enforcement partners will hold them accountable.”
Last month, a federal judge ordered Alford to pay almost $10.8 million following a civil lawsuit filed by close to 100 investors who claimed Alford was running a Ponzi scheme.