Former Dallas man admits guilt
Former Dallas County resident Jerome Yelder will face a five-year suspended sentence with two years of supervised probation after pleading guilty in Dallas County Circuit Court to a single count of fraud in connection with the sale of securities.
According to Fourth Judicial Circuit District Attorney Michael Jackson, Yelder was also ordered to pay back victim restitution in the amount of $6,600 with interest consisting of monthly payments of $300 as part of his probation.
Yelder paid $1,000 at the time of his sentencing.
An ASC Enforcement Division investigation led to a March 2010 indictment being handed down by a Dallas County Grand Jury alleging that between March 2008 through May 2008, Yelder solicited investment funds totaling $6,600, from an Alabama resident, through the issuance of a promissory note, in the name of The Yelder Group, LLC, and The Yelder Institute, headquartered in Dallas County.
Yelder allegedly represented the organizations’ purpose was to provide rehabilitation services to at-risk youth, adults and substance abuse offenders.
The ASC investigation further revealed that Yelder was to have established a residential school-like setting to provide the services, but there was no indication that such programs were ever established in the Dallas County area and further financial analysis revealed that investor funds were not used as represented.
In July, Jackson and Joseph P. Borg, director of the Alabama Securities Commission, announced Yelder was arrested at his home in Columbia, S.C. by officers with the Columbia Police Department’s warrant division with assistance from the Dallas County Sheriff’s Department.
Yelder waived extradition and was transported to the Dallas County Jail with a bond set for $51,000.