Charlotte businessman accused in $19M Ponzi scheme faces judge

Charlotte businessman accused in $19M Ponzi scheme faces judge

CHARLOTTE, N.C. — A Charlotte businessman will face a judge Tuesday, charged in a $19 million Ponzi scheme.

Channel 9 first reported last week that a federal indictment claims Richard Wyatt Davis, Jr. defrauded people out of more than $19 million from 2005 to 2016.

READ MORE: Charlotte businessman accused of $19 million scheme

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The indictment says he targeted clients "in and around" Charlotte who were “wary of the government and banking systems.”

It goes on the claim that Davis then used their money to pay off his credit cards, buy cars and hire personal chefs.

If convicted, Davis could face up to 85 years in prison.

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