3 plead guilty to fraud in Ala. investment scheme

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MOBILE, Ala. (AP) — Three men pleaded guilty to securities fraud after approaching investors about a phony development plan and stealing their money.

Al.com Monday (http://bit.ly/11Imnd6 ) reports Patrick Deleiden, of Satellite Beach, Fla., Bruce Mabey of Salt Lake City and Matthew Arnold Gibson, of Madison County, solicited four Alabama investors for a dubious development deal Choctaw County in 2006. Officials say they gave investors fake promissory notes and investment contracts.

Deleiden pleaded guilty to federal conspiracy and wire fraud charges. Mabey pleaded guilty to wire fraud. They're ordered to pay $1.475 million in restitution and will be sentenced later this month.

Gibson pleaded guilty in state court to three counts of selling unregistered securities. He was sentenced to a year and a day in prison, five years of probation and $150,000 in restitution.

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Information from: Press-Register, http://www.al.com/press-register/



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