Charlotte man accused in multimillion-dollar Ponzi scheme pleads not guilty

The man at the center of a Ponzi scheme that scammed dozens of investors out of millions pleaded not guilty to his charges in court Friday.

A newly unsealed criminal indictment reveals details about Wynn Charlebois, from Charlotte, who allegedly carried out the scheme from 2015 until at least October 2022. He is accused of using his companies to get funds from investors as loans, subscription agreements, co-investments, and participation investments, the court records show.

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More than 39 people and entities invested more than $6.9 million into entities controlled by Charlebois, records show. Contrary to what he said, investigators revealed the money wasn’t used as promised in the agreements made with investors. Authorities said Charlebois allegedly spent the money to make “Ponzi-style payments to other investors, and also used it on personal expenses such as private school tuition, travel, restaurants, and other personal purchases.”

As his victims, Charlebois allegedly recruited friends, family members and social acquaintances, promising them all risk-free investments and loans, the records say.

READ MORE: SEC accuses Charlotte man of operating $7 million Ponzi scheme, defrauding more than 75 investors

According to the indictment, when investors tried to get their returns back from Charlebois and his companies, he allegedly made false statements. He’s accused of lying to them, saying the bank transfer was taking longer than it was supposed to, for example.

In court Friday, Charlebois pleaded not guilty. Prosecutors said he still asked investors for money even after he became aware of the investigation.

Charlebois was asked in the indictment to forfeit at least $5,385,260.98.

(WATCH BELOW: 2 men accused of running Ponzi scheme with investment company expected to take a plea deal)