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.
