Troup County authorities have arrested a Georgian man suspected of investment fraud to the tune of over a million dollars.
Randy Banks of LaGrange, has been charged with "theft by taking," involving “numerous Georgians,” according to a statement from the Georgia Secretary of State's Office.
The warrant alleges that he took some $1.5 million from his victims by giving the false impression he was investing their money in bonds and mutual funds.
“Investment fraud against Georgians will not be tolerated. Due to the aggressive investigation by our staff and the assistance and quick response from numerous agencies, Banks was taken into custody less than three months after the investigation began." Secretary of State Karen Handel said in a statement.Banks is being held on a $10 million dollar bond.
Our office will continue to aggressively pursue complaints against Mr. Banks and anyone who may be engaging in investment and securities scams,” Handel said.
The Secretary of State’s Securities Division and Office of Inspector General, the Troup County District Attorney, the Georgia Bureau of Investigation, and the Federal Bureau of Investigation took part in the joint probe.
