Kim Owen Alley, 63, 210 Clifton St., Rogersville, was named in an Aug. 20 three-count Hawkins County grand jury sealed indictment.
Theft over $60,000 is a Class B felony punishable by 8-12 years. He was also charged with two counts of unlawful business transaction because he isn’t a licensed financial advisor in the state of Tennessee.
On Jan. 19, 2017, Alley’s brother, Greg Alley, filed a complaint at the Rogersville Police Department claiming that in December of 2013 or January of 2014 he and his wife, Erma Alley, had taken approximately $140,000 from her retirement account at TRW and invested it with Kim Alley.
In January 2017, at the request of Attorney General Dan Armstrong, the Tennessee Bureau of Investigation joined the Rogersville Police Department in investigating Kim Alley.
During the course of the investigation, agents developed information that from 2013 to 2017 Alley operated a scheme in which he solicited investors for a foreign exchange venture.
Further investigation revealed that he allegedly misused the money obtained by investors, keeping a portion of it for personal use.
Greg Alley stated that his brother forged documents, set up emails and never invested the money properly.
Greg Alley told police he has tried on numerous occasions to get his money returned and has been unsuccessful.
Kim Alley was booked into the Hawkins County Jail Tuesday afternoon and released on $75,000 bond. He will be arraigned Friday in Hawkins County Criminal Court.
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