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Seven Charged In Retirement Investment Scam

Federal prosecutors in Raleigh say seven people have been indicted in a scheme that took about 70 million dollars from people seeking retirement investments.

The U-S attorney's office says five men and two women are accused of using false and misleading statements to trick people seeking financially secure retirement investments between 2001 and 2004.

Court documents say the scheme promised an annual return of about 13 percent to investors purchasing 20-thousand dollar shares in Mobile Billboards of America, a truck-mounted billboard company.

The documents state investors were paid from money from new investors instead of billboard-advertising revenue.

Two suspects are Arthur J. Anderson Junior of Raleigh and Scott Hollenback, who lived in Kernersville before moving to Florida.


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