Second Man Charged With Century Lumber And Land Financial Crimes

November 21, 2011

A second man has been charged with multiple financial crimes in connection with the alleged attempt to raise capital for Century Lumber and Land — a company that promised hundreds of jobs for Century, held a ribbon cutting and never opened.

James Leonard Craft, age 71 of Milton, was arrested in September in Santa Rosa County and extradited to Etowah County, Ala. where he remains jailed on multiple violations of the Alabama Securities Act. Craft, who was listed as the manager of Century Lumber and Land, was indicted on two counts of sale of unregistered securities, two counts of sale of securities by an unregistered agent, four counts of fraud in connection with the the sale of securities, one count each of overall scheme or artifice to defraud investors, theft of property first degree and theft of property second degree.

Craft remains jailed in Gadsden, Ala., and has additional charges pending in Shelby County, Ala., according to Etowah County authorities.

In the latest development with Century Lumber and Land,  Glenn Gilman, Sr., a resident of Southside, Ala., was arrested in Pleasant Grove, Ala., by law enforcement authorities on an 11-count indictment handed down by an Etowah County Grand Jury. He is facing the same charges as Craft in connection with an attempt to raise capital for Century Lumber and Land. He also faces related charges of two counts of sale of unregistered securities, sale of securities by an unregistered agent, fraud in connect with the sale of securities and one count of overall scheme or artifice to defraud investors in Shelby County, Ala.

An investigation by the Alabama Securities Commission Enforcement Division alleged that Craft solicited funds from investors to purchase wood products from South America to be resold to U.S. distributors for the production of railroad cross-ties and other products.

In 2010, the Alabama Securities Commission (ASC)  issued Craft, Gilman and Century Lumber and Land a cease and desist order after an alleged attempt to solicit money from Alabama investors. ASC records indicated that neither he nor his business was registered to conduct securities business within, into or from Alabama as required by law.

According to Workforce Escarosa, over 3,000 people had applied for  jobs at Century Lumber and Land as of earlier this year.

Craft stood holding the arm of Century Mayor Freddie McCall in October 2010 as the mayor cut a symbolic ribbon for Century Lumber and Land. Community members, Century town council members, county government representatives and business officials stood behind a Century Area Chamber of Commerce sign as the yellow ribbon fell on what they were told was a venture that would bring up to 500 jobs to the struggling town.

But there was a tidbit very few of them knew — Craft or the company never had any legal claim the property where he was holding the ribbon cutting.

“It was never sold; it never even had a binder,”  EXIT Realty NFI-Commerical agent Gary Watson said recently on behalf of the property owners. “It’s just a great location, and we want people to know it’s available regardless of what might be going on with Mr. Craft.”

List price on the former Alger-Sullivan Lumber Company property is $2.75 million, and it is, Watson said, available for sale, owner-financing or lease. “And we’ll even take cash,” he added.

Pictured top: The October 22, 2010, ribbon cutting for Century Lumber and Land. NorthEscambia.com file photo, click to enlarge.

Comments

2 Responses to “Second Man Charged With Century Lumber And Land Financial Crimes”

  1. Agreesss on November 23rd, 2011 12:44 pm

    I agree Good Sleeper Maybe that is why we can sleep when we want to!!

  2. Good Sleeper on November 22nd, 2011 4:37 am

    These men undoubtly have a guilty conscience – they look like they haven’t slept in a month of Sundays.

Written by William Reynolds · Filed Under News