Orange Beach Man Makes Plea Deal

Alabama Orange Beach David McFadden pleads guilty to charges of defrauding his customers by posing as a CPA and financial planner
by Associated Press
Published: Thu, May 28, 2009 - 6:12 am CST Last Updated: Thu, May 28, 2009 - 6:22 am CST
NEW ORLEANS (AP) - An Alabama man who ran a financial services
company in Baton Rouge has pleaded guilty to conspiring to commit
securities fraud.
A plea agreement calls for 62-year-old David Lester McFadden, of
Orange Beach, Ala., to face a minimum sentence of 18 months in
prison and a maximum of two years in prison.
Prosecutors say McFadden promoted himself as a certified public
accountant and financial planner but failed to tell clients that he
hadn't been a licensed CPA since 1987. McFadden also was accused of
falsely representing the nature of investments that he was making
for clients.
His sentencing by U.S. District Judge Carl Barbier is set for
Aug. 19.


(Copyright 2009 by The Associated Press. All Rights Reserved.)
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