CHARLOTTE, N.C. – In a major blow to a $75 million racketeering conspiracy, a South Carolina man was sentenced to 108 months in prison for his role as the “Chief Investment Officer” for an entity involved in the scheme, announced the Jill Westmoreland Rose, Acting U.S. Attorney for the Western District of North Carolina.
Toby Hunter, 39, of Fort Mill, S.C. was also sentenced to three years of supervised release and was ordered to pay $8,095,903.80 in restitution to victims. Hunter pleaded guilty in December 2013 to one count of racketeering conspiracy.
According to filed court documents and statements made during Hunter’s sentencing hearing, Hunter and his conspirators collectively stole over $27 million from more than 50 investor victims. Hunter and his conspirators used the victims’ money to pay for personal expenditures, including private jets, high profile offices, entertaining themselves and others, and supporting their luxurious lifestyles.
Hunter served the racketeering enterprise as the Chief Investment Officer for Prestige Capital Advisors, one of the entities used to defraud investor-victims. Hunter was a registered commodity trading advisor with the National Futures Association (NFA), and had passed the Financial Industry Regulatory Authority (FINRA) Series 6 and Series 63 exams.
The investigation was conducted by the North Carolina Secretary of State, Securities Division, the FBI, Charlotte Division, and IRS-CI. The prosecution was handled by Assistant U.S. Attorney Maria Vento and Special Assistant United States Attorney Kevin M. Harrington.
This case is a stark reminder of the devastating impact of white collar crime on innocent victims,” said Elaine F. Marshall, North Carolina Secretary of State. “We are grateful for the tireless efforts of our law enforcement partners in bringing these perpetrators to justice.
Hunter’s case is a testament to the effectiveness of interagency cooperation in combating financial crimes. His 108-month sentence is a significant blow to the perpetrators of this vast racketeering enterprise, and serves as a warning to others who would engage in similar schemes.
Hunter was released on bond and will be ordered to surrender to the custody of the Federal Bureau of Prisons upon designation of a federal facility. All federal cases are served without the possibility of parole.
Key Facts
- State: North Carolina
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
ðŸâ€â€™ Get the grimiest stories delivered weekly. Subscribe free →
