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Pair from Cornelius facing federal charges in connection with multi-million dollar investment scheme

Ponzi Scheme

Pair from Cornelius facing federal charges in connection with multi-million dollar investment scheme

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A federal grand jury has indicted two men from Cornelius for a multi-million dollar investment scheme.

Marlin Hershey and Dana Bradley were charged with mail and wire fraud conspiracy, mail and securities fraud and money laundering conspiracy.

Prosecutors said from 2009 to 2021, the two men convinced dozens of victims into investing with several entities and unregistered securities offerings, which were promoted by the defendants through Performance Holdings.

ALSO READ: 2 men accused of running Ponzi scheme with investment company to take plea deal, court documents say

The indictment alleges the offerings had false or misleading statements and that the two men didn’t tell the investors material information.

The men then took out commissions worth millions of dollars and “management” fees without telling the investors, according to the indictment.

Hershey and Bradley are also accused of hiding financial difficulties from investors by making loans to various entities. They then used the new investors’ money to repay the loans and previous investors, the indictment said.

Alleged victim says he lost $50,000 meant for child’s college tuition

Matthew Chalmers said he lost his child’s college fund after investing in the fraudulent scheme.

“It’s horrible that there are people out there like me that have lost money,” Chalmers said. “For me, this was my kid’s college tuition.”

He invested $50,000 in 2012 in one of the companies run by Hershey Bradley.

Chalmers said he…

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