The securities fraud trial of former Navarre Beach Area Chamber of Commerce CEO Judy Morehead which was scheduled to start this week has been continued until March 2018.
“The case was continued by (the judge) at the request of the defendants until the next trial term which should be in March 2018,” Alabama Securities Exchange Commission Spokesman Dan Lord told South Santa Rosa News on Thursday.
According to a June 6 press release from the Alabama Securities Commission, Morehead, listed as a resident of Henry County, Alabama, turned herself in, May 24, 2017, to the Henry County Jail upon an arrest warrant based on an indictment returned by the March, 2017, Henry County. Grand Jury. She was released on a $40,000 bond.
Charges against Morehead include one (1) count of Conspiracy to Commit Securities Fraud and one (1) count of
Sale of Securities by an Unregistered Agent. Additionally, Morehead is charged with one (1) count of Engaging
in an Act, Practice, or Course of Business Which Operates or Would Operate as a Fraud or Deceit Upon Any
Person; and two (2) counts of Fraud in Connection with the Sale of Securities, more specifically described as
omitting to state material facts and making untrue statements of material facts to investors. The conspiracy and
registration charges are Class C Felonies, punishable by a possible maximum of 10 years imprisonment and a
$15,000 fine per charge, upon conviction. All other charges against Morehead are Class B felonies, punishable
by a possible prison sentence of from 2 to 20 years and a $30,000 fine per charge, upon conviction.
According to Lord, there is no plea agreement in the case, and no further delays are expected. “The Court said there would be no further continuances granted,” he said.
“The State of Alabama will be ready for trial when the case is called,” Lord said.
Additionally, Morehead’s husband, Stanley Wayne Morehead, is facing one (1) count of Conspiracy to Commit Securities Fraud, one (1) count of Engaging in an Act, Practice, or Course of Business Which Operated as a Securities Fraud, and one (1) count of Fraud in Connection with the Sale of Securities, more specifically described as omitting to state material facts and making untrue statements of material facts to investors. The conspiracy count is a Class C Felony, punishable by a possible maximum of 10 years imprisonment and a $15,000 fine per charge, upon conviction. All other charges against Morehead are Class B felonies, punishable by a possible prison sentence of from two to 20 years and a $30,000 fine per charge, upon conviction. Stanley turned himself into Henry County Jail March 24, and posted $25,000 bond.
The couple’s son, Benajmin Wayne Morehead, also faces related charges, including: one (1) count of Conspiracy to Commit Securities Fraud, and one (1) count of Sale of Securities by an Unregistered Agent and one (1) count of Sale of Unregistered Securities. Additionally, his charges include one (1) count of Fraud in Connection with the Sale of Securities, more specifically described as omitting to state material facts and making untrue statements of material facts to investors, The conspiracy and registration charges counts are Class C felonies, punishable by a possible maximum of 10 years imprisonment and a $15,000 fine per charge, upon conviction. The Securities Fraud charge against Morehead is a Class B felony, punishable by a possible prison sentence of from two to 20 years’ and a $30,000 fine per charge upon conviction. Benjamin turned himself into Henry County Jail March 23 and posted $20,000 bond.
