Three people are facing an indictment in Henry County for multiple counts of securities fraud.
MONTGOMERY, ALABAMA (June 20, 2017) Patrick B. Jones III, District Attorney for the 20th Judicial
Circuit, Henry County, Alabama; and Joseph Borg, Director of the Alabama Securities Commission (ASC)
announced that Judy Kay Morehead, a resident of Henry County, Alabama, turned herself in, May 24, 2017, to
the Henry County Jail upon an arrest warrant based on an indictment returned by the March, 2017, Henry County
Grand Jury; Morehead was released on a $40,000 bond.
Charges against Morehead include one (1) count of Conspiracy to Commit Securities Fraud and one (1) count of
Sale of Securities by an Unregistered Agent. Additionally, Morehead is charged with one (1) count of Engaging
in an Act, Practice, or Course of Business Which Operates or Would Operate as a Fraud or Deceit Upon Any
Person; and two (2) counts of Fraud in Connection with the Sale of Securities, more specifically described as
omitting to state material facts and making untrue statements of material facts to investors. The conspiracy and
registration charges are Class C Felonies, punishable by a possible maximum of 10 years imprisonment and a
$15,000 fine per charge, upon conviction. All other charges against Morehead are Class B felonies, punishable
by a possible prison sentence of from 2 to 20 years and a $30,000 fine per charge, upon conviction.
The ASC cautions potential investors to thoroughly scrutinize and research any investment opportunity or offer.
Contact the ASC with inquiries concerning securities broker-dealers, agents, investment advisers, investment
adviser representatives, financial planners, registration status of securities or debt management programs, to
report suspected fraud or to obtain consumer information. The ASC provides free investor education and fraud
prevention materials in print, on our website and through educational presentations upon request.
The three were indicted in March by a Henry County grand jury, according to a news release. Court documents show the three were indicted for accepting money as an investment, which prosecutors say was used to pay personal debts and expenses.
Henry County District Attorney Patrick Jones III and Alabama Securities Commission Director Joseph Borg said the three are:
Judy Kay Morehead, 60, who turned herself in May 24,.and was released on $40,000 bond. She has been charged with conspiracy to commit securities fraud, sale of securities by an unregistered agent, engaging in an act, practice, or course of business which operates as a fraud and two counts of fraud in connection with the sale of securities.
Benjamin Wayne Morehead, 36, who turned himself in May 23 and was released on $20,000 bond. He faces one count of conspiracy to commit securities fraud, one count of sale of securities by an unregistered agent and one count of sale of unregistered securities. He has also been charged with one count of fraud in connection with the sale of securities, or omitting to state material facts and making untrue statements of material facts to investors.
Stanley Wayne Morehead, 58, who turned himself in May 24, and was released on $25,000 bond. He was indicted on conspiracy to commit securities fraud, one count of engaging in an act, practice, or course of business which operated as a securities fraud and fraud in connection with the sale of securities.
We have put in two phone calls , once this morning and again tonight to Mike Sandler, Chairman of Navarre Beach Area Chamber of Commerce and left messages to call back. We just heard from Mike at 9:20 pm and he nor did any of the chamber board members know anything about Moreheads legal situation until late this afternoon. Mike also said he has been on the phone non stop since 5:30 pm.
Navarre Newspaper reminds our readers that Stanley Wayne Morehead,Benjamin Wayne Morehead and Judy Kay Morehead are presumed innocent until found guilty in a court of law.
