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Duluth business owner accused of using metals investment pitch to defraud investors
Federal prosecutors say Roosevelt Tobias Bailey and Florida attorney Alvin Jones took part in two investment schemes that cost investors about $2 million from 2018 to 2022. The pair allegedly promised to buy and resell precious stones and metals, while Bailey used some investor money for personal expenses.
A Duluth business owner and a Florida attorney have been indicted on federal charges tied to two alleged investment schemes that prosecutors say defrauded investors of about $2 million between 2018 and 2022.
Roosevelt Tobias Bailey allegedly used his company, Borg Global, to solicit investments for buying stones and metals overseas and reselling them in the United States, according to the U.S. Attorney’s Office for the Northern District of Georgia. Investors were promised their money would double, prosecutors said.
Alvin Jones, a Tampa attorney and former prosecutor, allegedly helped Bailey by routing money through his own account. Rather than safeguard or invest all of the funds as promised, Bailey allegedly kept some of the money and used investor funds for personal expenses, including furniture, fur and real estate, prosecutors said.
The indictment includes wire fraud and money laundering charges, as well as conspiracy allegations, according to federal officials. The U.S. Securities and Exchange Commission filed civil complaints against Bailey and Jones in 2024 alleging securities violations.
The allegations have not been proven in court. Bailey and Jones are presumed innocent unless and until they are found guilty.