Ronald Warren Powell – Shoals Insider

PAROLE DENIED FOR FORMER FORMER SHOALS INSURANCE SALESMAN

Staff — Wed, 20 Jan 2021 07:56:42 +0000

RONALD WARREN POWELL

MONTGOMERY– The Alabama Board of Pardons and Paroles denied parole for a former Muscle Shoals Insurance agent convicted of fraud.

According to Matt Estes, spokesman for the parole board, 58-year-old Ronald Warren Powell, also known as Ronnie Powell, had his application for parole denied on Tuesday morning.

Powell, who operated Tom Jones Financial on 2nd Street in Muscle Shoals, was convicted in 2018 in Colbert County Circuit Court of insurance fraud and securities fraud, Judge Jackie Hatcher presiding. He was sentenced to seven years and five years on the two charges to run concurrently

According to court records, Powell defrauded his victims out of almost $800,000.

One of Powell’s victims was a Sheffield physician and the other an elderly couple from Muscle Shoals who reportedly lost over $100,000.

Initially, Powell was also charged with financial exploitation of the elderly. That charge was dismissed as part of Powell’s plea agreement.

Probation denied for former Muscle Shoals insurance agent

Staff — Tue, 30 Apr 2019 20:55:48 +0000

Ronald Warren Powell

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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Colbert County Man Arrested for Alleged Securities Fraud and Financial Exploitation of the Elderly

Staff — Fri, 06 Apr 2018 21:16:44 +0000

Ronald Warren Powell

MONTGOMERY- Joseph Borg, Director of the Alabama Securities Commission (ASC) announced that Ronald Warren Powell, a resident of Colbert County, Alabama, turned himself in, April 5, 2018, to the Colbert County Jail upon an arrest warrant based on a five-count indictment returned by the March 2018, Colbert County Grand Jury. Powell was subsequently released on a $15,000 bond.

The Grand Jury indictment charged Powell with two counts of Fraud in connection with the Sale of Securities, including: engaging in an act, practice, or course of business which operated as a fraud and making untrue statements of material facts or omitting to state a material fact. The five-count indictment further charged Powell with one count of Financial Exploitation of the Elderly in the First Degree, one count of Sale of Unregistered Securities, and one count of Sale of Securities by an Unregistered Agent. According to the indictment, Powell participated in illegal securities transactions by selling promissory notes and misappropriating the investment funds received in exchange for the notes. The crimes of Securities Fraud and Financial Exploitation of the Elderly are Class B felonies, punishable by possible imprisonment of two to 20 years and up to a $30,000 fine per charge upon conviction. The securities registration charges are Class C felonies, punishable by possible imprisonment of one year and one day to 10 years and up to a $15,000 fine per charge upon conviction.

The ASC cautions potential investors to thoroughly scrutinize and research any investment opportunity or offer. Contact the ASC with inquiries concerning securities broker-dealers, agents, investment advisers, investment adviser representatives, financial planners, registration status of securities or debt management programs, to report suspected fraud or to obtain consumer information. The ASC provides free investor education and fraud prevention materials in print, on our website and through educational presentations upon request.

Muscle Shoals insurance agent arrested for insurance fraud and exploitation of the elderly

Staff — Thu, 31 Aug 2017 23:56:11 +0000

Ronald Warren Powell

ATHENS–Authorities have arrested a Muscle Shoals insurance agent after he was indicted on charges of exploitation of the elderly and insurance fraud.

Investigators say Ronald Warren Powell aka Ronny, 55, of Brooke Drive, Muscle Shoals, has been charged with fraudulently taking possibly millions of dollars from an elderly client. Officials would not say how many victims were involved.

Powell operated Tom Jones Financial on 2nd Street in Muscle Shoals and was most recently working for another firm Blue Financial out of North Carolina.

According to Powell’s website, In addition to his career Ronny is a devoted and loving husband and father, and a man of faith. He enjoys playing tennis and golf, supporting Alabama college football, spending time with his family and attending church.

Sources at the state insurance department say Powell diverted millions of dollars of his customer’s money to himself.

Florence attorney James Irby is representing Powell.

“We plan to aggressively defend our client, Mr. Powell absolutely denies all of these allegations,” said Irby.

Powell is free on a $3,500 bond.

To view the indictment click below:

POWELLRONNIE

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