RALEIGH, N.C. (WNCN) — A Raleigh investment adviser was sentenced Friday to 40 years in federal prison in a Ponzi scheme.
Stephen C. Peters, 45, owner of VisionQuest Wealth Management was sentenced to 480 months and was ordered to pay restitution of more than $15 million.
“Peters cheated hundreds of hardworking people out of their life savings so he could fund his own lavish lifestyle,” John Strong, an FBI agent who worked on the case, said in a news release.
Peters will be incarcerated at the Federal Correctional Institution in Butner.
“With what is effectively a life sentence for Mr. Peters, the Court in this case gave a clear message: Investment advisors who steal their client’s money with lies, and use it to fund their own greed, will pay for their crimes in decades,” United States Attorney Robert J. Higdon Jr. said in a news release.
Peters was sentenced on charges of investment advisor fraud, fraud in the sale of unregistered securities, wire fraud, conducting monetary transactions in criminally derived property, and aggravated identity theft, officials said.
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