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Pair faces federal charges for $80-million ATM Ponzi scheme
September 22, 2009
Two men have been arrested for defrauding investors of $80 million in a Ponzi scheme that purported investments in ATMs. According to an article posted on Bloomberg.com, Vance Moore II and Walter Netschi will face charges in federal court in North Carolina and New York, after being arrested and accused of lying to investors from 2005 to January 2008.
Moore, 55, and Netschi, 62, reportedly told ATM investors that their money would be used to buy ATMs for placements around the United States, and that fees from the machines would repay investors.
U.S. Attorney Preet Bharara says no ATMs were actually purchased. Each charge in the 10-count indictment carries a maximum prison penalty of 20 years in prison.
Moore is from Raleigh, North Carolina, and Netschi lives in McKinney, Texas.
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