Archived Story

Atlanta man indicted in Madison County for Alabama Securities Act violations

Published 4:41pm Wednesday, July 9, 2014

From Staff Reports

MONTGOMERY, Ala. – Robert L. Broussard, District Attorney for the 23rd Judicial Circuit in Madison County and Joseph Borg, Director of the Alabama Securities Commission announced in a press release that on July 3, Hendrickx Toussaint of Atlanta was arrested by Decatur, Ga. Police and charged with violations of the Alabama Securities Act.

Toussaint is being held under a $60,000 bond, awaiting extradition to Madison County, Alabama.

Toussaint’s arrest is the result of a June Madison County Grand Jury indictment charging him with one count of securities fraud by employing a device, scheme or artifice to defraud and three counts of conspiracy to commit fraud in the sale of a security.

At the time the offenses were allegedly committed, the securities fraud charge was a Class B felony under Alabama law with punishment of two to 20 years’ imprisonment and a $30,000 fine per charge. The Conspiracy charges are Class C felonies, carrying a possible punishment of not more than 10 years, or less than one year and one day imprisonment and not more than a $15,000 fine per charge.

The indictment alleges that Toussaint and others fraudulently solicited investor funds to be used in a managed gold “buy-sell” program. ASC records also revealed that Toussaint was not registered with the ASC to legally conduct securities business in Alabama, as required by the Alabama Securities Act.

“This Commission is grateful for the valuable assistance rendered by the Madison County Sheriff’s Department and the Decatur, Ga. Police Department to successfully apprehend this individual,” Borg said. “Our Enforcement Division continues to investigate this case with the cooperation of the Federal Bureau of Investigation in Birmingham.”

The ASC provides free investor education and fraud prevention materials in print, on its website at and through educational presentations upon request.

Editor's Picks