Anthony Wayne March, 49, of Wake Forest, North Carolina, was sentenced to 135 months in prison for his role in a $8 million Ponzi scheme, according to the Department of Justice news release. March was also ordered to pay $6,040,965 in restitution.
According to the news release:
“Anthony Wayne March, 49 years old, operated the non-profit 501(c)(3) entity Asset Trader, located in Rolesville, NC, between 2012 to 2015. March represented that Asset Trader offered educational services to professionals and taxpayers in the area of exit planning. Asset Trader’s stated educational mission allowed it to obtain classification as a 28 U.S.C. § 501(c)(3) tax-exempt non-profit organization. Asset Trader used its §501(c)(3) tax-exempt status to solicit tax-deductible donations in exchange for charitable gift annuities (“CGAs”) and to recruit referral sources to obtain assets from potential donors. Through Asset Trader, March and his co-conspirators engaged in and executed what is commonly known as a “Ponzi” scheme to defraud investors by inducing them to invest with Asset Trader.
During the course of the scheme, March solicited at least 22 victims to invest over $8,100,000 in charitable gift annuities and other products offered by Asset Trader. March and Asset Trader sold these securities to victims as retirement or exit planning vehicles classified as donations to March’s § 501(c)(3) tax-exempt non-profit organization. March did not utilize any of the victim’s money for charitable purposes; rather, he spent the money on “Ponzi” payments, his own lavish lifestyle, and expenses of the scheme.”
March had pled guilty to conspiracy to wire fraud on August 3, 2020.
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