Apr 2
2008

George Neil Elliott, of Belton, Texas, was charged with money laundering in an amount exceeding $200,000, sale of securities by an unregistered dealer or agent, and the sale of unregistered securities in Cause Nos. 62785, 62786, and 62787 in three separate indictments handed down by a Bell County Grand Jury on April 2, 2008. His wife, Vicki Lynn Elliott, of Belton, Texas, was also charged with money laundering in an aggregate amount exceeding $200,000 in Cause No. 62784 in an indictment handed down by a Bell County Grand Jury on April 2, 2008. The indictments allege that George Elliott, acting directly and through a network of subagents, offered and sold securities involving the purchase and leaseback of electronic credit and debit card reader terminals at a time when neither Elliott nor the security was registered with the Securities Commissioner. The indictments further allege that between March and December 2005, the proceeds of said criminal activity were deposited into a bank account controlled by both George and Vicki Lynn Elliott from which they paid commissions to the agents in the network.