Posted by Robert K. Gordon -- Birmingham News May 20, 2008 11:07 AM

A grand jury has handed down a 48-count indictment against former Bessemer revenue director Ryan Rancher related to his work as a securities adviser, according to court records unsealed today.

Rancher, 40, is charged with 20 counts of fraud, 10 counts of selling unregistered securities, eight counts of acting as an unregistered investment adviser, nine counts of first-degree theft and one count of a sale by an unregistered agent. Among the victims named in the indictment is Bessemer City Councilwoman Louise Alexander, who said she lost $25,000.

"I thought he was legit," said Alexander, who said that some of her constituents are also named as victims in the indictment.

For more details see Wednesday's The Birmingham News.