North Carolina Man Given Prison Sentence for Securities Fraud

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.

span itemprop="image" itemscope itemtype="https://schema.org/ImageObject" style="display:block">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.