A Morgan County man will spend years in prison for his role in an investment scam.
Gregory Steenson of Priceville pleaded guilty on Monday to charges of securities fraud and financial exploitation of the elderly.
Steenson owes $113,000 to three victims, according to the state’s Securities Commission. He was sentenced to 15 years to serve two of those in a state prison, followed by five years of probation.
The commission says Steenson, who is currently in the Morgan County Jail, is permanently barred from holding a securities license.
According to the Alabama Securities Commission, in June of 2015, Steenson sold profit-sharing agreements to investors to finance a “quick flip” of real estate. The department said he misrepresented to the investors that the funds would be used to buy real estate in Tennessee.
The commission says Steenson never purchased the land and used the money for personal and other business expenses.