State seeks to protect investors as Salem man faces jail time for securities fraud

BRENTWOOD — The state is taking legal action to protect investors who claim they lost tens of thousands of dollars in deals with a Salem man who is facing jail time for securities fraud.

Secretary of State William Gardner has filed a complaint against Michael Bates seeking an injunction to prevent him from conducting any securities business.

Bates, 44, was sentenced on June 14 to at least six months in jail after a Rockingham County jury found him guilty of a felony securities fraud charge accusing him of making various misrepresentations when he solicited a friend to invest in a business.

A judge ordered Bates to pay $50,000 in restitution to the victim and prohibited him from engaging in the sale of securities or receiving monetary investments from third parties during his probationary period.

Read more: https://www.unionleader.com/news/crime/state-seeks-to-protect-investors-as-salem-man-faces-jail/article_2cca05cb-4e22-55cb-afbd-3e0ddab0b8d9.html