Second man arrested, charged with 11 counts of financial wrongdoing relating to 500-job timber complex in Century, Florida
November 23, 2011
– A second man allegedly involved with financial crimes relating to Century Lumber and Land in Century, Florida, has been charged with 11 counts of violations of securities regulations over apparent efforts made to raise financing for the company.
According to officials with the state's Etowah County, Glenn Gilman Sr., of Southside, Alabama, was arrested in Pleasant Grove, Alabama, NorthEscambia.com reported Nov. 21.
Century Lumber said it would restart the former Alger-Sullivan Lumber complex in Century and hire 500 workers, holding a ribbon-cutting ceremony in Oct. 2010. The company never opened, but Workforce Escarosa said the project attracted 3,000 applications.
Century Lumber manager James Leonard Craft was also arrested in September following allegations of financial wrongdoing. Craft was indicted on charges of an overall scheme to defraud investors, first-degree theft of property and second-degree theft of property.
Gilman faces the same charges as Craft, plus an additional two of sale of unregistered securities, two of sale of securities by an unregistered agent and four charges of fraud in connection with those sales, NorthEscambia.com reported.
In 2010, the Alabama Securities Commission issued a cease-and-desist order on Craft, Gilman and Century Lumber and Land after attempts were made to raise money from Alabama investors. The men and business were not legally registered to conduct securities business in Alabama, according to ASC records.
The primary source of this article is NorthEscambia.com, Walnut Hill, Florida, on Nov. 21, 2011.