The former investment advisor to Alabama Crimson Tide football star Kenneth Darby has been arrested for using $2.5 million in clients’ funds to buy two homes and for other personal expenses, the Alabama Securities Commission announced.
Keith Michael Rogers of Huntsville, Ala., was arrested on 10 counts of securities fraud and is being held on a $2 million bond, the commission says.
In addition to using investors’ money for personal expenses, Rogers used some of the money to pay earlier investors in a Ponzi scheme, the indictment says. He forged documents to facilitate some of the fraudulent transactions.
Rogers was sued last year by Darby, a star running back at Alabama University and a member of the Atlanta Falcons and the St. Louis Rams. Other members of Darby's family were also part of the suit. They alleged that Rogers converted $2.4 million of their money to his own use, according to www.AL.com, an Alabama news website. Rogers’s attorney denied those claims.