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 Alleged N.C. Ponzi schemes

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March Mellow

Join date : 2009-04-26
Posts : 209
Location : Char-Meck

PostSubject: Alleged N.C. Ponzi schemes   Fri May 29, 2009 1:07 pm

Alleged N.C. Ponzi schemes
From staff reports
Posted: Friday, May. 29, 2009

J.V. Huffman Jr.

Tyrone William "Cauzae" McCall
Federal regulators recently accused Raleigh investment manager William Wise of participating in an $80 million Ponzi scheme in which clients were promised staggering returns but never had their money invested, for instance.

In March, authorities said the late Bruce Kramer of Midland was at the center of a $40 million investment-fraud scheme, promising high returns to about 80 investors. In reality, a federal lawsuit says, he deposited just a fraction of the money and spent the rest on a luxury home, sports cars, a horse farm and parties. A receiver is tracking down the assets.

In March, authorities arrested Shelby Dean Martin, 71, of Mooresville in connection with an alleged investment scheme they say bilked $10 million from investors. Authorities say Martin promised investors high returns and told some their money was helping struggling companies – then spent it on a dock and payments to other clients.

In November, J.V. Huffman Jr. of Claremont was accused of swindling $25 million from 500 investors across the country. The longtime investment manager, who had deep roots in the Claremont area, spent much of the money on luxury cars, home renovations and expensive trips, authorities say.

Cauzae McCall of south Charlotte pleaded guilty last year to felony charges related to an investment-fraud scheme that authorities say scammed $250,000 from a Monroe church and its leaders.
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