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.