Former Accountant Accused Of Posing As Investment Advisor - NewsChannel5.com | Nashville News, Weather & Sports

Former Accountant Accused Of Posing As Investment Advisor

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RUTHERFORD COUNTY, Tenn. - A former accountant was arrested for allegedly posing as an investment advisor to clients who gave him money to invest.

The Rutherford County grand jury indicted 72-year-old Ralph Turley III on one count of possession of client funds while acting as an unlicensed broker/dealer, one count of acting as an investment advisor while unregistered and one count of acting as a broker while unregistered.

Between 1995 and 2011, investigators said a Murfreesboro couple gave Turley between $750,000 and $815,000 to invest for them. Hurley promised his clients a percentage return on their investments. He paid his clients some money over the years, but eventually informed them the money was gone.

Turley, who no longer works as an accountant, was booked into the Rutherford County Jail on Wednesday. He has since been released on $5,000 bond. A court date is set for June 17.

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