A Phenix City couple has been indicted on alleged violations of the Alabama Securities Act. Jose Roberto Torres and Tammy Torres were arrested on March 5 and taken to the Russell County jail. Jose Torres’ bond was set at $750,000. Tammy Torres’ bond was set at $50,000.
The indictment alleges that Jose Torres offered and sold unregistered investment contracts for ATM/EPS, Inc. to Alabama investors. The couple reportedly told the investors that their funds would be placed in automatic teller machine terminals, to be used as vault cash, and that investors would receive monthly returns on their funds placed in the ATM terminals. The indictment also alleges that the investor funds were used by the Torres’s to pay other investors and for unrelated personal expenses.
Jose Torres is charged with 19 total counts including: the sale of securites by an unregistered agent, the sale of unregistered securities, employing a scheme to defraud, theft of property, and other charges. Tammy Torres was charged with one count of securities fraud.
The securities fraud and theft charges are punishable by a maximum of 20 years in prison and a $25,000 fine per count.