South Carolina Attorney General Alan Wilson announced Dec. 9 that the Chesterfield Grand Jury indicted Clifton Rodney Michael, 49, of Cheraw, for one count of securities fraud.
The offense is a felony, which carries a possible punishment of up to 10 years and/or a fine of not more than $50,000.
The indictment alleges that Michael defrauded investors by making untrue representations of guaranteed return while spending investor funds for personal use.
The case will be prosecuted by Assistant Deputy Attorney General S. Creighton Waters.
All defendants, said Wilson, are presumed innocent unless and until they are proven guilty in a court of law.