Elba Man Arrested for Selling Unregistered Securities

By: Associated Press
By: Associated Press

ELBA, Ala. (AP) - Authorities say a man who fled to the Phillipines has been returned to Alabama and convicted of five counts of selling unregistered securities in Coffee County.

Scott Alan Frye is being held in jail pending his sentencing May 16.

The director of the Alabama Securities Commission said Frye was indicted by a Coffee County grand jury in 2005, but he fled to the Philippines. He was arrested in Manila in 2009 and returned to Alabama last month.

Evidence at his trial showed he got access to the deferred compensation accounts of Century 21 agents and obtained $44,500 through loans taken out against the plan. Authorities say the money was used to purchase interest in a land development.

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