Feds Accuse Two of $80M Ponzi Scheme

MANHATTAN (CN) - Federal prosecutors say two men raised $80 million in a Ponzi scheme for a business they claimed would put ATM cash machines in stores, gas stations and hotels around the country. Vance Moore II and Walter Netschi face a 10-count federal indictment.

Moore, 55, of Raleigh, N.C., was arrested Friday in Garner, N.C.

Netschi, 62, or McKinney, Texas, was expected to surrender this morning in Manhattan, the U.S. Attorney's Office said.

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Email *

Submit