Stephen Condon Peters, Ponzi Scheme, North Carolina 2024

A Raleigh investment advisor has been sentenced to 40 years in prison for his role in a massive Ponzi scheme that left dozens of victims financially ruined.

Stephen Condon Peters, the owner of Visionquest Wealth Management, was convicted of defrauding his clients by steering them into investments in which he had a direct financial interest.

Prosecutors said Peters quadrupled down on the crime by perjuring himself at trial, further complicating the case and earning him a harsher sentence.

‘For years now, the many victims of former investment advisor Stephen Peters have been holding their breath, waiting for any kind of news about the outcome of his appeal, so that they can move on with their lives,’ said Acting United States Attorney G. Norman Acker, III.

‘Today I am pleased to report that the appeal is over. There were no dissenting votes. Stephen Peters will serve the 40 years imposed upon him. With this result, this office can now resume its efforts to liquidate assets and return them to victims as quickly as possible.’

Peters was sentenced to $15,063,624.30 in restitution and had his assets forfeited as part of the punishment.

The Federal Bureau of Investigation and the Internal Revenue Service Criminal Investigation investigated the case, which was prosecuted by Assistant United States Attorney William M. Gilmore. Assistant United States Attorney John Harris represented the United States with respect to forfeiture aspects of the case.

Special Assistant U.S. Attorney Banumathi Rangarajan represented the United States on the appeal.

The case is a stark reminder of the dangers of unchecked investment schemes and the importance of vigilant oversight by regulatory agencies.

Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No. 5:17-cr-00411-D-1.

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