Atlanta Executive Officer Indicted for Multi-Million-Dollar Investment Fraud Scheme

Craig Allen, the executive officer of C.M. Allen Capital Management, Inc., has been indicted on charges related to a multi-million-dollar fraud scheme that targeted investors across the United States.

U.S. Attorney Ryan K. Buchanan stated, “Allen abused his clients’ trust by allegedly stealing millions of dollars to support his lavish lifestyle.” He added, “The defendant deceived and falsified documents to conceal his thefts to provide his investors with a false sense of financial security.”

Keri Farley, Special Agent in Charge of FBI Atlanta, emphasized the impact of financial fraud, saying, “While it is easy to dismiss financial fraud cases as being almost benign because of their lack of violence, there is, however, a very real victimization felt and lives are changed forever.”

According to the indictment, Allen allegedly defrauded dozens of investors across the country through his management of the Cheetah Fund. Prospective investors were misled with documents claiming high annual investment returns, but once invested, they received fraudulent account statements and tax documents. Allen allegedly used new investors’ money to repay prior investors and fund his lifestyle.

Allen, 53, of Atlanta, Georgia, was indicted by a federal grand jury on February 23, 2024. It’s important to note that an indictment only contains charges, and the defendant is presumed innocent until proven guilty in court.

The case is being investigated by the Federal Bureau of Investigation, with valuable assistance from the U.S. Securities and Exchange Commission. The SEC has filed a separate civil case against Craig Allen. Assistant U.S. Attorneys Natasha Cooper and Christopher J. Huber are prosecuting the case.