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North Carolina Man Given Prison Sentence for Securities Fraud

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Union County, NCA Weddington, North Carolina man has received a prison sentence of more than four and a half years for charges of securities fraud and tax evasion, reports.

Stevie Perkale Lee, 38, pleaded guilty to the charges in June 2010, according to the news provider. Court documents indicate that Lee was marketing "Arcadian Residence & Resort" as a condo project that would be constructed near the Lowe's Motor Speedway.

Between June 2007 and January 2009, Lee is alleged to have fraudulently received more than $1.5 million from potential buyers and investors in the project. Court documents show that instead of developing the project, Lee used the money for renting a luxury home and purchasing expensive cars, the Charlotte Observer reports.

Additionally, Lee was charged with a failure to file tax returns during the period that he solicited the money. A federal judge determined that Lee was "a flight risk and an economic danger to the community" and sentenced him to 56 months in federal prison.


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