The Alabama Senate is trying to give people a new way to raise money to start small businesses.
The Senate voted 31-0 Thursday for a "crowd funding" bill sponsored by Republican Sen. Arthur Orr of Decatur.
The legislation is backed by the Alabama Securities Commission. It would allow someone trying to start a small business in Alabama to use social media and advertising to find small investors who live in the state. It is limited to raising $1 million, and it is restricted to Alabama businesses and investors because of federal regulations.
Alabamians trying to start small businesses in a tough credit market may soon have a new method that will allow them to raise small amounts of capital from many Alabama investors.
Republican state Sen. Arthur Orr of Decatur says he will sponsor a bill in the upcoming legislative session to allow "crowd funding." It would cap investors at $5,000 each and would limit crowd funding to $1 million per business.
The Wolf of Wall Street hits theaters this week. Leonardo DiCaprio stars as Jordan Belfort, a high powered stock broker who was later indicted for securities fraud. That may sound like a fictional story from the world of Hollywood. But, the story of Jordan Belfort, who was indicted on securities fraud for stock market manipulation and running a penny stock boiler room is painfully true.
A Canadian executive is free on bond in Alabama, and his attorney predicts the case will be resolved positively once all the facts are provided.
Gregory Aziz, the chairman and CEO of National Steel Car Ltd. of Hamilton, Ontario, was released by a Colbert County judge on $1 million bond Thursday. Aziz posted $250,000 in cash and will forfeit the remainder if he fails to appear in court.
An Alabama grand jury has indicted the chairman of National Steel Car on securities fraud charges.
The indictment made public Friday accuses Gregory Aziz of Hamilton, Canada, of misleading officials with Alabama's state pension program to get financing for a rail car manufacturing plant that was never finished in northwest Alabama. The 10-count indictment claims Aziz misled officials about how much the plant would cost.
Aziz's attorney, Joe Espy, says they are reviewing the charges and hopeful that they can be resolved.