A New Market man was sentenced to 15 years in prison for securities fraud and will have to pay more than $100,000 in restitution to 22 victims.

The Alabama Securities Commission announced Thursday that Aaron Brooks Butler, 33, received the sentence after pleading guilty in January to one count of securities fraud. He was arrested last October.

Butler is also permanently barred from the securities industry.

Acting as the sole principal of Negus Capital Inc., Butler solicited investments totaling at least $123,250 from his investors.

They were told the money would be used to buy and sell foreign currency, among other investments. However, prosecutors said Butler used the funds for travel expenses, jewelry purchases, cash withdrawals and personal expenses.

Butler spent more than $25,000 on jewelry and about $9,000 at a Ford dealership.

“Let this be a warning to anyone attempting to defraud a resident of Alabama that you will get caught, you will serve time, and we will seek restitution for victims of financial fraud,” ASC Chief Deputy Director Amanda Senn said.