ASC: Montgomery man pleads guilty to financially exploiting the elderly, securities fraud

 By WSFA 12 News Staff

MONTGOMERY, Ala. (WSFA) - The Alabama Securities Commission announced a guilty plea in a financial criminal case this week.

The commission reports that Nicholas Houston Allen, 35, of Montgomery, pleaded guilty to two counts of financial exploitation of an elderly person, one count of securities fraud and one count of theft of property. An Alabama Securities Commission spokesman said it was a blind plea, meaning the judge will set a sentencing date at a later time.

According to the commission, Allen falsely claimed he was going to flip houses and/or invest their money in his company, Professional Fix LLC. Instead, he used their money to pay for his personal living expenses.

“Allen prowled neighborhoods for elderly victims and came up with reasons to engage them in conversation. Once he gained the victim’s trust, he persuaded them to invest in his endeavors and stole their money,” said Alabama Securities Commission Director Amanda Senn said in a statement.

Senn said Allen used “deception, intimidation, or threat of force” to get unauthorized control over the victims’ personal property. Two victims in their 80s lost over $236,000, while a third victim lost over $1,700.

The Alabama Securities Commission cautions investors to thoroughly research any investment opportunity. Call the commission at 1-800-222-1253 and ask for the registration department to find out about anyone offering investment opportunities, investment advice for a fee and any products they offer. You may also report any suspected fraud, inappropriate securities business practices, or obtain consumer information.

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ASC: Montgomery man pleads guilty to financially exploiting the elderly, securities fraud