Investment club operator indicted

Monday, Feb. 17, 2003 | 11 a.m.

A Henderson man has been indicted on one count of securities fraud on charges of using investments for purposes other than purchasing securities.

According to the indictment, Paul K. Ray operated an investment club called "Captain Ray's Villages Inc." in Henderson.

A consumer invested $75,000 with Ray, but the indictment alleges that more than $20,000 of the investment was not spent on securities.

Other charges against Ray include one count of transacting business as an unlicensed investment advisor and one count of theft by embezzlement.

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