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Florida Man Charged With Securities Fraud In Alabama For Gold Scheme

Gregory James Botolino of St. Augustine, Florida was arrested earlier this month in Florida and is being charged in Madison County, Alabama with securities fraud by employing a device, scheme, or artifice to defraud and conspiracy to commit fraud in the sale of a security in violation of the Alabama Securities Act. The arrest is the result of a Madison County Grand Jury indictment charging Botolino with four counts of alleged violations of the Act.

The indictment alleges that Botolino and others fraudulently asked for funds from investors to be used in a managed gold "buy-sell" program. Alabama Securities Commission records also revealed that Botolino is not registered with the Alabama Securities Commission to legally conduct securities business in Alabama, as required by the Alabama Securities Act.

Botolino is looking at one count of securities fraud and three counts of conspiracy and could be sentenced to twenty years in prison and a fine of $30,000 for the fraud count and up to ten years and $15,000 for each of the conspiracy counts.