Posted December 17, 2014
The Alabama Securities Commission has indicted James Albert Lawhorne and Jacqueline Wilson in multiple counts of stock fraud, according to an article by Alabama Media Group available here. WAFF also published an article available here.
Lawhorne was arrested in Tennessee, and his bond has been set at $600,000.
Wilson turned herself in to authorities, and she was released after posting an $80,000 bond.
James Lawhorne faces 24 charges, including theft by deception, misrepresentation of sale, and sale of unregistered securities, according to WAFF.
The pair attempted to attract investors to the business, Cypress Creek Organic Farms, with a claim that the farm would provide all testing, materials, supplies, equipment, training, and support for growing organic tomatoes. Additionally, Lawhorne would provide “USDA organic certification and a guaranteed buyback of the produce,” according to Alabama Media Group.
Lawhorne and Wilson previously defend their Better Business Bureau F-rating in an interview available on WAFF’s site here.
The pair is also tied to another business in North Carolina known as Wormz Organic.
For more information on agricultural finance and credit, please visit the National Agricultural Law Center’s website here.
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