Request Legal Help Now - Free
LAWSUITS NEWS & LEGAL INFORMATION

North Carolina Man Given Prison Sentence for Securities Fraud

. By
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, WBTV.com 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.

READ ABOUT SECURITIES LAWSUITS

Securities Legal Help

If you or a loved one have suffered losses in this case, please click the link below and your complaint will be sent to a lawyer who may evaluate your Securities claim at no cost or obligation.

ADD YOUR COMMENT ON THIS STORY

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.
*Your Comment:

Are you the defendant or a subject matter expert on this topic with an opposing viewpoint? We'd love to hear your comments here as well, or if you'd like to contact us for an interview please submit your details here.


Click to learn more about LawyersandSettlements.com
Request Legal Help Now! - Free