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North Augusta man facing fraud charges, fine

Monday, Feb. 13, 2012 12:24 PM
Last updated Tuesday, Feb. 14, 2012 12:51 AM
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COLUMBIA -- David H. Thompson, of North Augusta, was arrested on Thursday on charges related to securities fraud by the Aiken County Sheriff’s Department.

Attorney General Alan Wilson issued a civil order against Thompson ordering him to cease and desist from violations of the South Carolina Securities Act and ordering him to pay a $10,000 fine, according to a news release.

Thompson was charged with two counts of breach of trust, and one count of forgery in arrest warrants obtained by the Aiken County sheriff. He was released on a $30,000 bond, the attorney general’s office said.

The order and warrants allege that Thompson sold membership interests totaling at least $360,000 in a corporation named Mossy Development, LLC. The money collected was to be used to develop a subdivision called Mossy Oak in North Augusta. Wilson said Thompson diverted that money instead to his personal use and to other entities that he owned or controlled.

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