A Mobile County grand jury has indicted a local businessman on securities fraud and conspiracy charges tied to an investment scheme that state prosecutors say raised more than $10.5 million between 2017 and 2021. The indictment, unsealed this week, also repeatedly names the man’s former wife as an alleged co-conspirator, though she has not been arrested or charged in connection with the case.
Peter Falkner turned himself in and was briefly booked at Mobile Metro Jail on July 20 before posting a $48,000 bond and being released. His former spouse, Carla Williams, is identified throughout the charging document as having worked alongside him in operating the company at the center of the allegations, but the Alabama Securities Commission has not filed criminal charges against her.
What the Indictment Alleges
According to the unsealed indictment, Falkner and Williams are accused of fraud and conspiracy to commit fraud in connection with a company that solicited investor funds for the stated purpose of developing medical devices. Prosecutors allege the pair made false statements and omitted material facts while raising capital from investors between 2017 and 2021.
Central to the case is an allegation that roughly half of the money raised from investors was diverted for the personal benefit of Falkner and Williams rather than used for the medical device development the company promised backers. The indictment also alleges the two misrepresented their professional credentials and financial histories to prospective investors.
Specifically, prosecutors allege Falkner claimed to have majored in biology at Auburn University and to hold a master’s degree in clinical research from the University of Alabama at Birmingham, when in fact he obtained no undergraduate or graduate degree from either institution or any other school. The indictment further alleges Falkner claimed 30 years of relevant experience without disclosing that he filed for bankruptcy in August 2015, and that Williams claimed 20 years of business experience without disclosing her own bankruptcy filing in August 2011.
The grand jury identifies eight victims by their initials across six of the fraud counts included in the indictment.
A Case Years in the Making
The criminal charges follow a lengthy regulatory history. The Alabama Securities Commission first took action against Falkner and Williams in 2022, issuing a cease-and-desist order related to the same investment activity. The couple was subsequently sued by multiple investors seeking to regain control of the company, according to the indictment’s background.
The Mobile County grand jury returned, or "true-billed," the Securities Commission’s charges in April 2026, though the indictment was not unsealed until recently. Assistant Attorney General Andrew O. Schiff, representing the Securities Commission, is prosecuting the case. Attorney Buzz Jordan is listed as retained counsel for Falkner. Neither could be reached for comment before publication.
Indictment Timing Coincided With Divorce Finalization
Court filings show that trial procedural orders in the criminal case were signed June 12, just days before Falkner and Williams finalized their divorce with a signed agreement submitted June 17. The couple previously lived together at a residence on Monterey Place in Mobile’s Midtown neighborhood.
Divorce paperwork shows Williams signed the final agreement using a notary based in Leavenworth, Kansas. Falkner’s address history in court records has also shifted: earlier filings listed a residence in Tennessee, while more recent documents show a Birmingham address.
The criminal case remains pending in Mobile County. No trial date was disclosed in the unsealed filings reviewed for this report.