North Carolina man facing 14 years in prison for part in multimillion-dollar investment scheme
By APTuesday, October 27, 2009
NC man facing prison for investor fraud scheme
CHARLOTTE, N.C. — A 53-year-old North Carolina man is facing 14 years in prison for his part in a scheme which led investors to hand over more than $11 million to his company.
The U.S. Attorney’s office in Charlotte announced Monday that Charles Devernie Harrison of Charlotte also was ordered to pay more than $13 million in restitution.
Harrison pleaded guilty last October to conspiring to commit mail fraud and securities fraud, securities fraud and conspiracy to commit money laundering.
Authorities said more than 200 investors, many of them elderly, put money into BAB Productions. Harrison told the investors that the money would be used to fund concerts for nonprofits such as churches, colleges, and universities. Instead, the money went to pay personal expenses for conspirators for things such as clothing, travel, and personal entertainment.
