TUSCUMBIA- Probation was denied at a hearing today for a former Muscle Shoals insurance man.
Ronald Warren Powell remained emotionless as Colbert County Presiding Circuit Judge Jackie Hatcher denied his probation, thus imposing the sentence of 7 years in prison. Powell pled guilty to a charge of Insurance and Securities Fraud in December 2018.
Several of Powell’s victims were in attendance. The neice of an elderly couple who were victims spoke at the hearing saying, “He totally wiped out my aunt and uncle’s savings,”
Powell was led away in handcuffs as soon as Judge Hatcher denied the probation.
According to the plea agreement, Powell must repay $664,500 to a local physician and $117,059 to a retired couple in Muscle Shoals.
Sources familiar with the situation say Powell may have other cases forthcoming in Mississippi.
Powell will remain in the Colbert County Jail until he is transferred to Kilby Correctional Facility for processing.
Powell was also CEO of Blue Financial Inc. of Charlotte, North Carolina. According to their website, they specialize in retirement income planning.
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