KINGS MOUNTAIN, N.C — People gave their life savings to two men they hoped would double it. However, investigators said that money went toward a Ponzi scheme and they might not get it back.
Channel 9′s Ken Lemon learned Thursday the owners of D&T Investment in Kings Mountain are expected to take a plea deal. They’re accused of taking millions from investors and spending it on themselves.
The people who trusted them are concerned they might not get a single dollar back, and they’re not happy about it.
Attorneys who work cases like this told Lemon that probably won’t happen even if it’s ordered by the court. Once the owners have served their time, the court can put them on a payment plan, but attorneys said convicted felons may not earn a lot and they are given grace to pay their own bills, too.
According to court documents, Austin Page and Brandon Teague will be back in federal court next week to plead guilty to mail and securities fraud. The last time they were in court was January.
“What are they paying them with? Are they using the money they took?” said Stephen Di Tillio, who is frustrated because he invested all he had.
According to federal paperwork, D&T Investment took $4.2 million from over 300 people. Those investors lost $3.8 million because the company invested very little.
Debbie Hicks…
