Two men who are accused of taking millions of dollars from investors in a Ponzi scheme will be sentenced in court on Tuesday.
Austin Page and Brandon Teague, the owners of the fake hedge fund “D&T Investment” in Kings Mountain, pleaded guilty to federal charges for orchestrating the $4 million dollar Ponzi scheme, as Channel 9 reported earlier this year.
Teague pleaded guilty to security fraud and could face up to five years in prison. Page pleaded guilty to wire fraud and could face up to 20 years of jail time.
In April, the men took a plea deal. The plea agreement said Teague and Page will pay restitution, but attorneys who Lemon talked to said investors will probably not get their money back.
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 was one of the investors and said the company told her that her money was doubling.
“I put good faith and gave them money that we couldn’t really afford,” Hicks said.
According to court documents, the money went to expensive clothes, jewelry, expensive trips and car rentals. Operators even gave bonuses to employees who got the company logo tattooed on their bodies.
>> At 5 on Eyewitness News, Channel 9′s Ken Lemon will provide an update on the sentencing.
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