Southern Company Employees Targeted in Investment Scam


A recent arbitration action filed by the Atlanta law firm Page Perry, against Investors Capital Corporation (ICC) seeks to recover losses suffered by five former employees of a Georgia Power plant in Rome, Georgia, arising out of the actions of ICC’s broker, Henry Wilder Bailey of Watkinsville, Georgia, who handled the retirement nest eggs of the five Georgia Power employees.

Bailey actively recruited investors from various branches of Southern Company. He put the investors’ retirement funds into expensive investments, including annuities with long surrender periods, that were unsuitable for their financial objectives and need for liquidity. Allegedly, Bailey was motivated to place his customers’ savings in these funds because he received large commissions from them. After placing investors in the initial unsuitable variable annuities, Bailey then persuaded them to switch to different variable annuities, causing them to lose thousands of dollars.

The attorneys at Page Perry believe that Bailey’s actions with these five investors suggest a broader pattern of behavior, and that there are more investors from the various branches of Southern Company who might have been affected.

Page Perry believes that this pattern of conduct violated numerous duties owed to investors and involved prohibited activity.

Page Perry is an Atlanta-based law firm with over 170 years of collective experience maintaining integrity in the investment markets and protecting investor rights.