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Feds Say NC Man Took $44M From Telecom Investors

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File photo of money. (Photo by Getty Images)

File photo of money. (Photo by Getty Images)

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CHARLOTTE, N.C. (AP) — Federal prosecutors say a North Carolina man faces charges of running a Ponzi scheme that stole $44 million from investors in a telecommunications company he headed.

The U.S. attorney’s office in Charlotte said Thursday that 55-year-old Daniel Williford of Statesville faces securities fraud, wire fraud, and money laundering charges.

A message left at a number listed for Williford was not returned. He is the latest to face charges as prosecutors pursue Ponzi schemes that unraveled with the financial crisis and the Great Recession.

Prosecutors say Williford invested less than $8 million. Between 2007 and this July, he used the rest to pay earlier investors and for personal expenses including a child’s college tuition.

Williford faces a maximum of 90 years in prison if convicted of all charges.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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