Greensboro Man Pleads Guilty in 9 Million Dollar Scheme

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Greensboro Man Pleads Guilty In $9 Million Scheme

Man Used Money To Live Lavish Lifestyle

POSTED: 3:52 pm EDT May 13, 2011

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GREENSBORO, N.C. -- Federal prosecutors said a Greensboro man has pleaded guilty to wire fraud and money laundering in a $9 million investment scheme.
U.S. Attorney George Holding said 65-year-old James Edward Whitley pleaded guilty in New Bern on Friday.
From 2006 to 2009, prosecutors say Whitley told investors their money would be invested in different businesses and that they would get their returns when his contracts expired, handing out promissory notes detailing due dates and interest rates.
But prosecutors said Whitley instead used the cash to pay other investors, bought himself cars and trips and paid off a $1,000,000 loan on his Bald Head Island home. In all, prosecutors said Whitley took more than $9 million from investors.
Whitley faces up to 30 years in prison when he's sentenced in August.

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