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Two North Carolina Men Plead Guilty For Orchestrating $4 Million Ponzi Scheme

Ponzi Scheme

Two North Carolina Men Plead Guilty For Orchestrating $4 Million Ponzi Scheme

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CHARLOTTE, N.C. — Authorities say two founders of a fake North Carolina “hedge fund” appeared in court on Wednesday and plead guilty to federal charges for orchestrating a $4 million Ponzi scheme.

Austin Delano Page, 26, of Grover, N.C. plead guilty to wire fraud and Brandon Alexander Teague, 26, of Belmont, N.C. plead guilty to securities fraud, according to a news release.

According to filed plea documents and plea hearings, from October 2020 to December 2021, Page and Teague engaged in an investment scheme that defrauded hundreds of investors of more than $4 million.

Authorities say defendants falsely represented to victims that Page and Teague were running a hedge fund in Kings Mountain, N.C., D&T Investment Group, that invested in various securities, including stock of well-known companies like Apple.

On the contrary, authorities say D&T was not a hedge fund and it did not hold any security licenses or registrations.

Page and Teague were also not licensed to sell securities and did not have a background associated with the sale of securities.

Authorities say in fact, the duo sold campers prior to orchestrating the investment scheme.

According to court documents, Page and Teague required investors to sign an investment contract with D&T.

Authorities say these documents contained false information including that D&T would guarantee 100 percent of the investors’ initial investment, and that investors would get 70 percent of the trading profits.

In reality, the…

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