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Suit: Former Regent Was Bilking Investors in Ponzi Scheme

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Investors accuse a former member of the Georgia Board of Regents of bilking millions from hundreds of investors in a Ponzi scheme.

The civil lawsuit was filed against C. Dean Alford and others on Friday in federal court in Columbus. It accuses Alford of enticing a group of Indian Americans to invest in turning waste from an Augusta landfill into biodiesel that would be sold to European buyers and Delta Air Lines.

The plaintiffs say Alford then sought investment in a solar power installation, using the money for himself and to pay interest to the first project's investors.

No lawyer yet represents Alford in the suit.

Alford was arrested on racketeering and theft charges this month, accused of faking invoices to get money. He resigned from the Board of Regents.

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