Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

ATM Investment Scam Gets North Carolina Man 8 Years

An investment scheme involving $80 million ends in an eight-year prison sentence for a North Carolina man. Vance Moore II learned his fate on Monday, February 28, 2011, as U.S. District Judge Thomas Griesa sentenced the NC man to eight years in prison for his alleged involvement in an ATM investment scam.The 57-year-old Raleigh man supposedly committed his crimes from 2005 to January 2008, during which time he apparently duped unsuspecting investors out of approximately $80 million. Mr. Moore pleaded guilty in October to wire fraud and conspiracy to commit wire fraud.“Something went wrong, and seriously,” said Judge Griesa.Investors were told that their money was being used to purchase more than 4,000 ATM machines. Prosecutors said that 90 percent of the ATM machines did not exist. Mr. Moore was also accused of using nearly $2 million to purchase real estate. "It was simply spent," said Assistant U.S. Attorney Antonia Apps, indicating that Mr. Moore put $25 million into other businesses or given to charities. "We do not see much prospect of recovering many assets in this case." “Vance Moore created an elaborate scheme to deceive investors, and he continued to lie when questions were asked,” said U.S. Attorney Preet Bharara in a statement following the sentencing.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram