North Carolina Man Suspected of Running Million Dollar Ponzi Scheme

By KevinMarcilliat, In White Collar Crimes, 0 Comments

A 50-year-old Salisbury, North Carolina, man has been indicted for running a Ponzi scheme that defrauded victims of more than $2.3 million, according to the federal indictment. The man allegedly told victims that he would be using the money for a fake oil pipeline company and for retirement investments. Instead, he used the money to fund a personal investment account and lavish trips abroad.

The indictment says that the fraud occurred from 2004 to 2010. The white collar crimes alleged by the federal indictment include fraud and money laundering. A local museum is listed as one of the victims, allegedly losing $600,000 to the man. Other listed victims include community individuals and businesspeople who thought they were investing in a legitimate purpose.

The man pled not guilty and is free on bail at this time. The jury trial is scheduled to being in early October.

White collar crimes such as fraud, laundering and theft often rise during difficult economic times. With the notable cases of Bernie Madoff and others like him, the public has learned the serious damage that can be caused by Ponzi or other fraud cases.

Source: WSOC TV “Salisbury man accused of running Ponzi scheme,” 9/10/2011