ATLANTA, Ga. (CW69 News at 10) – The Rockdale County Superior Court handed down an indictment of former Board of Regents member Clarence Dean Alford on multiple corruption charges, according to a statement from the Georgia Attorney General’s office.
Alford allegedly exploited factoring, a common commercial lending practice. Factoring is a financial transaction in which a business may sell its accounts receivable to a third party at a discount.READ MORE: Fourth Stimulus Check: Will You See Another Relief Payment Soon?
According to the Georgia Attorney General’s office, the goal of the alleged scheme was to obtain approximately $1.7 million by selling fake accounts receivable invoices valued at approximately $2.2 million. As part of the scheme, Alford allegedly created fake invoices, contracts, and other documents to show that his company was owed money from state agencies. He also accused of forging the signatures of state employees on those contracts and other documents.READ MORE: 'Rides To Remember' For Pediatric Cancer Returns To Atlanta Motorsports Park On Sept. 18
Alford was, at the time, a member of the State Board of Regents, and he purportedly used that position to further his fraud schemes. The Board of Regents is the body with the responsibility of overseeing the University System of Georgia. Alford resigned from the Board of Regents in October of 2019.
Alford is charged with Racketeering (1 count), Criminal Attempt (1 count), Computer Forgery (1 count) and Forgery in the Second Degree (5 counts) and are punishable as follows:MORE NEWS: 'Beyond Reckless': Atlanta Attorneys Plan To Sue Arrive Perimeter Apts. After Explosion
- Racketeering: 5-20 years, and/or fine up to $25,000
- Criminal Attempt (to commit theft by taking of a value exceeding $25,000): 1-10 years and/or fine up to $50,000
- Computer Forgery: 1-15 years, and/or fine up to $50,000
- Forgery in the Second Degree: 1-5 years and fine up to $100,000
A defendant is presumed innocent until proven guilty, and it will be the government’s burden at trial to prove the defendant guilty beyond a reasonable doubt of the allegations contained in the indictment.