Friday, March 13, 2009

Charlotte N.C. Area Investment Fraud: $30 Million Gone, Swindler Bruce Kramer Committed Suicide

From the Charlotte Observer:
Man swindled $30 million, lawsuits say
The late Bruce Kramer of Cabarrus spent investors' money on cars and more, filings in Mecklenburg say. Kirsten Valle, Charlotte Observer, 3/13/09

"A Cabarrus County man swindled $30 million from investors and spent it on lavish cars, expensive artwork and a 45-acre horse farm, former investors charge in a pair of lawsuits filed in Mecklenburg court recently."

"The scheme involved 60 investors and spanned four years, ending after the man, Bruce Kramer, committed suicide, prompting investors to check the status of their money, court documents say."

"“It's a sad time for a lot of families,” said John Manzella of Charlotte, an investor named in one of the suits. “This has hurt a lot of people, financially as well as emotionally.”"

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