Eddie Lacy Stivers III was arrested Nov. 9 in Hood County, five days after being indicted for allegedly selling fraudulent stock and promissory notes.
The securities promised ownership and a share of future profits in companies called Patriot Insurance Co., Patriot Holding Co., and Insurance Choice One LLC.
A Hood County grand jury indicted Stivers on charges of securities fraud, theft, and money laundering. Stivers raised more than $550,000 and used some of investors' money to pay expenses incurred by him and wife, the indictment charges.
The indictment also alleges that Stivers had perpetrated a similar fraud while doing business as Stivers & Associates.