CHARLOTTE, N.C. — A Charlotte business man was sentenced to prison today after he took $9.3 million from local families.
Richard Davis Jr. was sentenced Monday afternoon to seven and a half years in prison for tax evasion and defrauding dozens of investors including local families, professional athletes, and members of Davis’ church.
These families believed they were making smart investment decisions with their life saving accounts. Carolyn and Fred Clemmer said they lost about half a million dollars in the investment scheme.
“That was all of our retirement savings just about,” Carolyn Clemmer said. “We trusted him that much.”
The Clemmers met Davis Jr. in 2012 at a Prepper Conference where people prepare to survive major disasters. Davis would work with potential clients who were wary of the government and the banking system.
Davis Jr. was well known in the community. In 2011, he was named “Business Person of the Year” by the Lake Norman Chamber of Commerce.
Between 2010 and 2015, Davis Jr. fraudulently took $9.3 million dollars by telling clients they would be investing in real estate and gold mines. He reportedly assured his clients that these investments would be safer than the Stock Market.
The money Davis Jr. took was used for overhead expenses, to repay other investors, and to fund Davis Jr.’s lavish lifestyle.
“None of us will ever get all of our money back,” another victim Barbara Robinson said. “That’s just a given thing.”
Channel 9’s Gina Esposito spoke with the woman who is working with the victims in this case. She said she is working to get some of their money back, but is unsure how much or when this could happen.
There is another court date in 90 days to discuss restitution for the victims.
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