California man arrested for alleged Alabama securities violations

BIRMINGHAM, Alabama -- A California man was arrested in Modesto, Calif., for alleged violations of the Alabama Securities Act and is awaiting extradition to Alabama, according to the Alabama Securities Commission.
Louis John Mensonides allegedly sold an Alabama citizen two-year promissory notes to raise capital for the Imperial Rubber Holdings Inc., said Joe Borg, director of the Alabama Securities Commission and Ellen Brooks, district attorney for the 15th Judicial Circuit in Montgomery.
Mensonides, who made bond and is now awaiting extradition to Montgomery County, was charged with two counts for sale of unregistered securities and one count of for sale of securities by an unregistered agent. Charges were handed down in September 2010 by the Montgomery County Grand Jury, but the arrest wasn't made until Nov. 3.
"The ASC cautions potential investors to thoroughly scrutinize and research any investment opportunity or offer," the Alabama Securities Commission said in a statement announcing the arrest.
Anyone with inquiries concerning securities broker-dealers, agents, investment advisers, or other financial advisers and planners or suspected fraud can contact the commission.