NEW YORK – A North Carolina man has been sentenced in New York City to eight years and a month in prison for an $80 million Ponzi scheme that persuaded people to invest in non-existent ATMs.
Vance Moore II pleaded guilty in October to wire fraud and conspiracy to commit wire fraud. He was sentenced Monday by U.S. District Judge Thomas Griesa, who said the crimes were too serious for leniency despite Moore's charitable efforts over the years.
The Raleigh resident was ordered to forfeit $50 million and any right to properties in North Carolina and Florida, although a prosecutor said only a few hundred thousand dollars remained from the fraud.
Prosecutors say Moore falsely represented that investors had purchased more than 4,000 ATMs. They say 90 percent of the machines didn't exist or weren't owned by Moore.