ATLANTA (CBS46)—A former member of the Georgia Board of Regents is facing racketing and forgery charges, Georgia’s Attorney General Chris Carr announced on Tuesday.
According to a press release, Clarence D. Alford was indicted on May 4 by the Rockdale County Superior Court. Alford faces several charges, including racketeering, and computer forgery.
Alford’s indictment stems from him allegedly exploiting a common financial industry practice called factoring. Factoring is a financial transaction in which a business sells its accounts receivable to a third party at a discount.
A spokesperson with the state’s attorney general’s office said Alford allegedly created fake invoices and contracts that showed his company was owed at least $2.2 million from state agencies. Alford then reportedly tried to sell the fake accounts receivables for $1.7 million.
He also allegedly forged the signatures of state employees on contracts and other documents, according to the attorney general’s office.
During the reported fraud, Alford was a member of the State Board of Regents, and officials said Alford allegedly used his position to further the reported crime.
The Board of Regents oversees Georgia's 26 public higher education institutions. Alford resigned from the Board of Regents in October of 2019.
"Acts of fraud and corruption have no place in Georgia’s state government,” said Deputy Attorney General for the Prosecution Division John Fowler. “Those who are trusted to be public servants must discharge their duties ethically and honestly, and when they do not, this office and our law enforcement partners will hold them accountable.”
According to Attorney General Carr’s office, these crimes are punishable as follows:
- Racketeering: 5-20 years, and/or fine up to $25,000
- Criminal Attempt (to commit theft by taking of a value exceeding $25,000): 1-10 years and/or fine up to $50,000
- Computer Forgery: 1-15 years, and/or fine up to $50,000
- Forgery in the Second Degree: 1-5 years and fine up to $100,000