Secretary of State Handel Announces Arrest in Major Investment Scam

Atlanta – Georgia Secretary of State Karen Handel announced today the arrest of Randy Banks of LaGrange, who has been charged with theft in investment scams involving numerous Georgians totaling nearly $1 million. Authorities continue to investigate additional allegations involving more victims.

Banks is currently being held on a $10 million bond.

“Investment fraud against Georgians will not be tolerated. Our office will continue to aggressively pursue complaints against Mr. Banks and anyone who may be engaging in investment and securities scams,” said Handel.

“I want to thank the many unsung heroes of the law enforcement and legal communities who contributed to the investigation and eventual arrest of Randy Banks,” Handel added. “Due to the aggressive investigation by our staff and the assistance and quick response from numerous agencies, Banks was taken into custody less than three months after the investigation began.”

Banks’ arrest was the result of a joint investigative effort between the Secretary of State’s Securities Division and Office of Inspector General; Troup County District Attorney Pete Skandalakis; the Georgia Bureau of Investigation and the Federal Bureau of Investigation.

Karen Handel was sworn in as Secretary of State in January 2007. The Secretary of State's office offers important services to our citizens and our business community. Among the office’s wide-ranging responsibilities, the Secretary of State is charged with conducting efficient and secure elections, the registration of corporations, and the regulation of securities and professional license holders. The office also oversees the Georgia Archives and the Capitol Museum.