Murfreesboro resident charged with bilking investors
Ralph Turley III
MURFREESBORO, TN (WSMV) -
A Rutherford County man is facing charges after he posed as an investment advisor to clients who gave him money to invest, according to the Tennessee Bureau of Investigation.
Ralph Turley III, 72, of Murfreesboro, TN, was indicted on one count of possession of client funds while acting as an unlicensed broker/dealer, one count of acting as an investment advisor while unregistered and one count of acting as a broker while unregistered.
Between 1995 and 2011, while Turley was working as an accountant, a Murfreesboro couple gave him between $750,000 and $815,000 to invest for them.
The TBI said Turley promised his clients a percentage return on their investments. An investigator said he paid his clients some money over the years, but eventually informed them the money was gone.
The attorney general requested the TBI investigate Turley in January 2012.
Turley no longer works as an accountant. He was booked into the Rutherford County Jail late Wednesday, released on $5,000 bond and is scheduled to appear in court on June 17.
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