Lobbyist, lawyer accused of role in $85M lumber Ponzi scheme

Mississippi News

A customer’s lumber sits on a cart at a Home Depot store on July 26, 2017 in Chicago, Illinois. (Photo by Scott Olson/Getty Images)

JACKSON, Miss. (AP) — Two men have been indicted this week by a federal grand jury in Mississippi, accused of taking part in an $85 million Ponzi scheme involving a fictitious lumber company.

Jackson residents Ted Brent Alexander and Jon Darrell Seawright are each charged with one count of conspiracy to commit securities fraud.

They are also charged with wire fraud, one count of securities fraud and four counts of wire fraud involving a scheme to defraud investors.

Alexander, a prominent lobbyist, and Seawright, a lawyer, are accused of promising guaranteed returns to investors in a sophisticated scam involving nonexistent timber deals.

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