Developer pleads guilty to securities fraud
INDIANAPOLIS (WISH) – An Indianapolis architect and real estate developer has pleaded guilty to theft and securities fraud, Marion County Prosecutor Terry Curry announced Tuesday.
Cornelius “Lee” Alig was charged in April after an investigation revealed that he had fraudulently obtained more than $300,000 from several victims through promissory notes.
Court documents show Alig was the borrower on eight promissory notes from 2008 to 2012 and received funds through false representations. Alig is accused of getting the promissory notes from property that wasn’t his and using them as collateral without permission.
According to the plea agreement, Alig faces two to eight years in prison, and will also pay $321,000 in restitution to the victims. He will be sentenced in January.
