Ponzi Scheme Lands Man In Federal Prison

The second man behind a Ponzi scheme that bilked more than 200 investors, many of them here in Eastern Carolina, was sent to prison for 14 years.

Charles Harrison was also ordered to pay back more than $13 million as part of the investment scheme through BAB Productions.

Two years ago former Rocky Mount financial adviser Joe Jones was sent to federal prison for 20 years as part of a plea deal.

Harrison, of Charlotte, pled guilty last year to conspiring to commit mail fraud and securities fraud, two counts of securities fraud, and three counts of conspiracy to commit money laundering.

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A Rocky Mount native is scheduled to be sentenced today for his role in a Ponzi scheme that led to several people in that area losing tens of thousands of dollars, and in some cases their life savings.

Charles Harrison pleaded guilty to three counts of fraud in federal court in Charlotte, and is scheduled to be sentenced today.

Harrison's charged in the same scheme that put Joe Jones of Rocky Mount behind bars for 20 years. Prosecutors say Jones and Harrison built a Ponzi scheme giving very high returns on investments to dozens of people in the Rocky Mount area. The people stopped getting their monthly payouts in September 2004.

Court documents say the scheme courted 200 investors to invest more than $11 million.

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  • by P on Oct 26, 2009 at 02:45 PM
    GOOD !

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