Covington - A former Covington resident entered a guilty plea Friday and agreed to pay $2 million to local investors who accused him of luring them into a complicated Ponzi scheme.
Attorney Anthony Cochran said his client, Ulys Randall Riner, admitted to selling unregistered promissory notes as securities.
Riner will pay $125,000 in a lump sum in 60 days, and then an additional $2,000 a month, Cochran said. He will serve no prison time.
Newton County District Attorney Ken Wynne said Riner will be required to apply an additional money he receives to the payments.
“Our goal is to try and get as much money back to the victims as possible. Some of these victims are in need of the money, of course,” Wynne said Friday. “I think the victims were pleased with this result.”
The investors will be paid based on a percentage of the amount they gave Riner. Some payments ranged from $2,000 to $650,000, court records show. The total amount was $4.5 million.
Attorney Anthony Cochran said his client, Ulys Randall Riner, admitted to selling unregistered promissory notes as securities.
Riner will pay $125,000 in a lump sum in 60 days, and then an additional $2,000 a month, Cochran said. He will serve no prison time.
Newton County District Attorney Ken Wynne said Riner will be required to apply an additional money he receives to the payments.
“Our goal is to try and get as much money back to the victims as possible. Some of these victims are in need of the money, of course,” Wynne said Friday. “I think the victims were pleased with this result.”
The investors will be paid based on a percentage of the amount they gave Riner. Some payments ranged from $2,000 to $650,000, court records show. The total amount was $4.5 million.