MORGAN COUNTY, Ala. – A Priceville man pleaded guilty Monday and was sentenced to prison time for taking money from investors and using it for himself, state officials said.
The Alabama Securities Commission said Friday that Gregory Steenson pleaded guilty to securities fraud and financial exploitation of the elderly in Morgan County Circuit Court. Judge Charles Elliott sentenced him to 15 years, and he will serve two years with five years of probation, officials said.
Steenson also has to pay back $113,000 to three victims in Alabama, according to the commission.
Steenson sold profit-sharing agreements to three investors in June 2015, telling them the money would be used to buy real estate in Tennessee that would be “flipped,” commission officials said. Instead, he spent them money on personal and other business expenses, they said.
Steenson is in the Morgan County Jail and is facing additional charges.