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22 Mar 2018
Man behind failed multi-billion Alabama theme park project gets 10-year fraud sentence
BY
Tom Anstey
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Bryan Robinson pleaded guilty to one count of securities fraud for engaging in a business that 'operated as fraud or deceit upon more than 40 Alabama investors'
The US businessman touted as a top investor in a multi-billion dollar multi-theme park proposal has been handed a 10-year prison sentence for defrauding more than 40 investors in relation to the project. Bryan Robinson pleaded guilty to one count of securities fraud for engaging in a business that "operated as fraud or deceit upon more than 40 Alabama investors," according to a statement from District Attorney Chris Connolly and Joseph Borg, director of the Alabama Securities Commission.
Robinson had announced grand plans in 2015 to construct two US$3.5bn (€2.8bn, £2.5bn) theme park projects in Texas and Alabama.
One of the two parks – DreamVision SoundScape – was touted as being 10 times the size of Disney’s Magic Kingdom, with the park anchored by a central ‘mountain’ and surrounding musically-themed neighbourhoods showcasing country, pop, gospel and jazz, among other genres.
Beyond the announcement, neither of the two parks ever came to fruition, with Robinson ordered to pay a fee totalling more than US$7m (€5.7m, £5m) in restitution to the victims, as well as covering court costs.
According to the statement for Robinson’s guilty plea, the judgement came about after the Securities Commission ordered a cease and desist order against Robinson and his company, Robinson Capital Investments, for selling unregistered securities in a real estate programme.
Investors were told that finances would be used for the park investment, however Robinson instead diverted those funds to his personal accounts or used them for investments not agreed upon by the involved parties. The statement said that losses to the investors totalled US$7,017,790.33.
"Bryan Robinson engaged in a course of business which operated as a fraud upon Alabama investors," said Borg. "Robinson sought to profit by stealing millions of dollars from over 40 Alabama investors who trusted him with their life savings; this conduct will not be tolerated in Alabama."
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