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MONTGOMERY, Ala. (WSFA) - A Montgomery man who was sentenced on federal charges for fraud schemes targeting the elderly has now been sentenced on state charges.
Montgomery County District Attorney Daryl Bailey and Alabama Securities Commission Director Amanda Senn announced Thursday that 36-year-old Nicholas Allen was sentenced to 64 months in prison for two counts of financial exploitation of the elderly, one count of securities fraud, and one count of theft of property.
Allen was sentenced for related federal charges in February. Prosecutors on both the federal and state levels say he solicited money from multiple elderly people and made a number of misrepresentations. He used the over $200,000 he received from the victims for personal gain.
“Nicholas Allen is a fraudster and a thief who preyed upon Alabama’s most vulnerable. Throughout the case proceedings, he failed to show even a hint of remorse,” said Senn in a statement.
The federal charges were prosecuted jointly by the U.S. Attorney for the Middle District of Alabama and the ASC. Officials say Allen’s state sentence will run concurrently with his federal sentence of 76 months.
A federal judge also ordered Allen to pay nearly $370,00 in restitution. He has been barred from participating in the securities industry in the state of Alabama.
“If someone thinks that they can cheat an Alabamian out of their hard-earned money without facing the consequences, they better think twice. Alabama is home to the ASC, and we won’t rest while fraudsters are preying upon our neighbors, friends, and community,” Senn added.
Allen will remain in federal custody and then serve a probationary term.
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Montgomery man sentenced on state charges of exploitation of the elderly, fraud
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