North Carolina wealth manager guilty in $15M Ponzi scheme
RALEIGH, N.C. (AP) — A North Carolina jury has found an investment adviser guilty of lying to clients, forging documents and swindling people out of more than $15 million in a Ponzi scheme.
News outlets report 46-year-old Stephen Peters was found guilty on 20 counts of fraud Thursday. Authorities say Peters is the owner of VisionQuest Wealth Management. They say he offered his clients high returns on low-risk investments but instead funneled millions to his own account while using other funds to pay off earlier investors. WRAL reports some clients lost their life savings.
WRAL says Peters testified in his own defense and disputed some of the allegations. The jury told him he must forfeit vacation homes and other assets to repay investors.
Peters is awaiting sentencing.