BIRMINGHAM, Ala. — An Alabama physician has been sentenced to five years in prison.
Dr. Scott William Naley received the sentence today in Birmingham after pleading guilty in May to fraud involving the sale of securities.
He was also ordered to serve five years of probation after his sentence and to pay $961,000 in restitution to nine victims in Jefferson, Shelby, Montgomery and Marshall counties.
District Attorney Brandon Falls and Alabama Securities Commission Director Joe Borg have said Naley fraudulently obtained money from fellow doctors by issuing unregistered promissory notes.
They said Naley told the doctors that their money would be used for stock options that he had in a medical company, but didn’t plan to use. They said Naley didn’t have the right to purchase any stock options.