Middle Georgia Man Arrested on Securities Fraud Charges for Allegedly Bilking Senior Citizens of Life Savings

ATLANTA…Secretary of State Cathy Cox today announced the arrest of a Georgia man charged with securities fraud for bilking more than $150,000 from senior citizens in Camden and Bibb County. 

Sidney H. Carter, 55, of Cochran, turned himself in to the Camden County Sheriff’s Office last week after the grand jury handed down a 17 count indictment for violations of the Georgia Securities Act and theft.  The charges relate to the sale of unregistered investments sold to Georgia senior citizens in 2001 and 2002.   

In one instance, Carter is alleged to have sold an 81 year old victim a tax deferred annuity only to return a few months later asking the victim to re-invest those funds, plus more, in a “better” investment offering. The money was then wired offshore to Bahamas-based Trinity Savings Bank, which later re-located to Belize.

The victims were told the investments were safe, that they would earn 12% interest, receive quarterly interest payments and that they would recover their entire initial investment at the end of five years.  The victims stopped receiving monthly payments in 2004. 

The case was opened in November 2004 by the Secretary of State Securities Division when an attorney for one of the victims contacted the office to report the loss of his client’s life savings through investments made with Sidney H. Carter.  Investors later learned that the investment offerings were not registered with the Secretary of State’s Securities Division pursuant to the Georgia Securities Act of 1973.  In addition, Carter allegedly omitted to disclose material facts and made untrue statements to investors.

“I applaud our investigators and Camden County District Attorney Stephen Kelley for their efforts in securing an indictment in this case ensuring Mr. Carter will face the charges against him,” said Secretary of State Cathy Cox.