TUSCUMBIA– Convicted fraudster and what some are calling the Shoals Area’s Bernie Madoff, Ronnie W. Powell, of Muscle Shoals, has returned from prison for a hearing in Circuit Judge Jackie Hatcher’s courtroom on Thursday morning.
The hearing involves restitution Powell owes several victims. In all, Powell owes close to $1 million to his victims. Powell owes an elderly retired couple from Muscle Shoals over $100,000 and a local heart doctor is owed several hundred thousand dollars.
The Attorney General’s petition is asking the court to get Powell to start making monthly restitution payments to his victims.
According to the State of Alabama, Powell has yet to pay any restitution The state’s petition is seeking the court’s order requiring Powell to use some of the funds he was overheard on prison phone lines transferring to different accounts. The State in their petition stated Powell had more than enough to compensate and fully repay at least one of the victims.
Powell arrived at the Colbert County Jail Wednesday morning.
Jeff Roland – Publisher
ShoalsInsider.com – Keeping You Informed
