Ulys Randall Riner has pleaded guilty to selling unregistered promissory notes as securities.
(AP) -- An attorney for a Watkinsville man says his client will pay $125,000 to local investors who accused him of luring them into a complicated Ponzi scheme.
Attorney Anthony Cochran says Ulys Randall Riner, formerly of Covington, has pleaded guilty to selling unregistered promissory notes as securities. Cochran said Friday that Riner will pay the $125,000 within 60 days, and faces no additional fines or prison time.
Riner was arrested in 2006 after being accused of selling fraudulent promissory notes to 21 Georgians. A Newton County grand jury indicted Riner on 29 counts related to the sale of unregistered investments.
He was set to stand trialon Monday but entered a guilty plea Friday. Cochran says the judge dismissed charges of theft by taking and theft on alleged securities fraud.
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