A man who previously served as CEO of a Mobile-based fertility technology company has been arrested and charged with criminal conspiracy and securities fraud, according to Mobile County Metro Jail records.
Peter “Teddy” Falkner, the former chief executive of Innovative Medical Partners, was arrested Friday by the Mobile County Sheriff’s Office. He faces a felony criminal conspiracy charge, one count of fraud in the sale of securities, and six counts of omission or misrepresentation in the sale of securities.
As of Monday afternoon, a criminal complaint had not yet been filed against Falkner in either federal or state court.
Falkner first drew public attention in 2022, when he and his then-wife, Carla Williams, were sued by their business partners, who accused the couple of spending millions of dollars in investor funds on a “lavish” lifestyle. At the time, Innovative Medical Partners was developing procedures and equipment for fertility treatment.
The lawsuits accused the couple of misrepresenting their professional credentials and education while soliciting more than $10 million in investments from over 100 individuals across nine states. Rather than bringing medical devices to market, more than half of those funds were allegedly used to cover the Falkners’ personal expenses, including home utility bills, their children’s tuition, flights, hotels, meals, and roughly $60,000 in Amazon purchases, according to the complaints. The suits also alleged some funds went toward supporting Williams’ music career.
Those lawsuits were settled in 2024. Shortly afterward, the Falkners filed their own lawsuit against the company, claiming their former business partners had failed to share company profits as agreed. A federal magistrate judge recommended in January that the lawsuit be dismissed.
Williams does not appear to have been arrested alongside Falkner. Court records from the couple’s divorce indicate Falkner has claimed Williams has been living in the United Kingdom.
A spokesperson for the Mobile County District Attorney’s Office did not immediately respond to a request for comment.
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