Accusations of scamming the elderly out of millions of dollars is what area business owner John F. Langford faces.
He has five charges against him tonight ranging from fraudulent sale of securities to selling unregistered securities and more could be added to those.
Authorities hauled business records out of the Langford and Associates office well into Thursday evening.
47th District Attorney Randall Sims says many of Langford's alleged victims are elderly people who had bought annuities but received no benefits.
Sims says, "we have already talked to several victims; he has already defaulted on some annuities that have come due."
The investigation has been going on for about six weeks, and Sims says just as his office was about to get in touch with the Securities and Exchange Commission, they contacted him and have been working together for two weeks.
Preliminary estimates put losses upwards of one million dollars.
According to Sims, "it's pretty clear that Mr. Langford, as far as private annuities are concerned, has been operating an unsustainable business model."
Langford is charged with a total of five felonies: a 2nd degree felony charge of fraudulent sale of securities; 3rd degree felony charge of selling securities without being a registered dealer; and 3 3rd degree felony charges of selling unregistered securities in Texas. He is being held in the Potter County jail on a $500,000 bond for each charge.
Sims says he wants anyone who bought annuities from Langford to come forward. Here are the numbers you can call:
* 47th D.A.: 379-2325
* Texas Sec. Board
- Lubbock Office: 762-8010