Property Planned To Build A Church Lost In Scheme
A man convicted of running an investment fraud scheme that scammed more than $2 million from area investors has been sentenced to more than 26 years in federal prison.
David Christopher Mayhew, 43, of Raleigh and Ronald McCullough were indicted in July 2013. McCullough has yet to be located and arrested.
At trial, the US Attorney’s Office said Mayhew was involved in a scheme that spanned from 2009 to 2012 and swindled money from investors thinking they would see as much as a 100 percent return on their money in as little as 30 days. The scheme allegedly solicited customer funds in order to trade leveraged or margined off-exchange foreign currency contracts.
One victim testified he lost his family’s house as a result of the fraud. Two other victims testified they had to back out of contracts to purchase property because of the fraud.
Special Agent in Charge Thomas J. Holloman III said, “The IRS, Criminal Investigation is committed to using our Agent’s financial expertise to help bring those that prey on innocent taxpayers for their own enrichment to justice.”
Investigation of this case was conducted by the FBI, the IRS Criminal Investigation, the Postal Inspection Service, and the North Carolina Secretary of State’s office, Securities Division.
Assistant United States Attorney David A. Bragdon said, “Mayhew used trust in himself and trust in others to deprive victims of money, money that many of them had taken a lifetime to save.”
“When making investment decisions, Investors should always consider that if it sounds too good to be true, it probably is,” said Thomas Noyes, Inspector in Charge of the US Postal Inspection Service Charlotte Division. “This case was especially egregious because the defendants used the victims’ religious beliefs to gain their trust and steal their money. The US Postal Inspection Service will continue to vigorously pursue those who utilize the US Mail to steal our customers’ hard earned money.”
“David Mayhew promised his victims huge investments returns, instead they lost their homes, their life savings, even property where they planned to build a church. Now he’ll pay for his crimes behind bars. The FBI and federal partners will keep exposing those responsible for these schemes as long as innocent people are being swindled,” said John Strong, Special Agent in Charge of the FBI in North Carolina.
Mayhew was ordered to repay more than $2 million in restitution.