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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
ROOT INVESTORS SECURITIES EXCHANGE COMMISSION UNITED STATES ROY MATLOCK ALAN ROOT ILLINOIS INDICTMENT FRAUD WIRE CONSPIRING COMMIT CRIMES REGISTERED REPRESENTATIVE LIVING KINGSPORT TENNESSEE DEFRAUDING GUARANTEEING HIGH RATES CONNECTION SALE PRIME BANK INSTRUMENTS INVESTORS RECEIVED PAYMENT SUPERSEDING INDICTMENT RETURNED NAMING ALAN BUSINESS PARTNER ORLAND PARK PLEAD GUILTY |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC
Litigation Release No. 15722 / April 28, 1998
United States of America vs. Roy Matlock and Alan Root, (Criminal Case
#98 CR 172, N.D. Ill.)
The Securities and Exchange Commission and the Acting United States
Attorney for the Northern District of Illinois announced that on March
18, 1998, Roy Matlock (Matlock) was indicted on seven counts of mail,
wire and securities fraud and conspiring to commit those crimes.
Matlock, a former registered representative living in Kingsport,
Tennessee, is accused of defrauding various investors out of over $3.6
million by, among other things, guaranteeing them high rates of return
in connection with the offer and sale of so-called Prime Bank
instruments. In addition, certain investors received payment of
"returns" out of the money invested by later investors.
On April 8, 1998, a superseding indictment was returned naming Alan
Root (Root), Matlock's business partner, for his role in the fraud.
Root, formerly of Orland Park, Illinois, is expected to plead guilty
on May 6th.
_________________________________________________________________
Modified 04/28/1998
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