(Bessemer, AL) Former Bessemer revenue director, Ryan O. Rancher, was arrested a second time on Friday (12/14). He is being held in the Jefferson County Jail with no bond. A court date of January 29 (2pm) has been set. Rancher will be held until this date at which time the court will determine if he is eligible for bond.
Rancher was initially arrested on Wednesday (12/12) and charged with one count of Acting as an Investment Advisor without a License and Fraud Related to Providing Investment Advice, both Class C felonies under Alabama law. Additionally, Rancher was charged with one count of Theft of Property First Degree, a Class B felony under Alabama law according to a statement released today by the Alabama Securities Commission (ASC). Rancher was released on $40,000 bond after his first arrest.
The ASC released a second statement today announcing Rancher's second arrest. According to the statement, Rancher's bond was revoked on Friday (12/14) and he was picked up on the same day at about 4pm by the Birmingham Police Department for alleged ongoing criminal conduct in violation of the Alabama Securities Act.
Allegedly, Rancher solicited more than $25,000 from a Birmingham area resident for investment purposes, and did not invest the solicited funds. It is also alleged that Rancher failed to disclose to potential investors that he had been previously barred by the ASC from the securities industry in Alabama.
The director of the ASC encourages anyone who may have invested with Rancher to contact the ASC Enforcement Division immediately at 1-800-222-1253.
UPDATE: Click here for details on why Rancher's bond was revoked. Only a day after his first arrest, he was attempting to take $10,000 from a Birmingham area resident.
PHOTO: Rancher's mug shot from his Saturday arrest.
UPDATE AS OF JANUARY 30,2008: Click here.
Labels: News -Birmingham AL- Ryan Rancher