- Associated Press - Tuesday, February 10, 2015

CHARLOTTE, N.C. (AP) - A Charlotte man has been sentenced to more than five years in prison for his role in a Ponzi scheme.

The Charlotte Observer reported (https://bit.ly/1y5C5wM) that 45-year-old John Reid Perkins was sentenced Monday to 64 months in federal prison and ordered to pay about $800,000 in restitution.

Prosecutors said Perkins and other operated the scheme from 2006 to 2008.

The prosecutors said the scheme led investors to think their money would be invested in real estate projects through Perkins’ company. Prosecutors said Perkins and others used the money to pay their bills, buy cars and support their lifestyles.

Some of the money was used to pay earlier investors.

A co-defendant, 51-year-old Terry Wayne Grady of Myrtle Beach, South Carolina, was sentenced to more than five years in prison in December.

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Information from: The Charlotte Observer, https://www.charlotteobserver.com


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