Boonville man pleads guilty to federal charges over ‘Ponzi’ scheme


Staff report



Fackrell


A Boonville man arrested in late 2014 on fraud charges relating to his investment company pleaded guilty to federal charges.

Charles Caleb Fackrell allegedly bilked several hundred thousand dollars from unsuspecting investors in Yadkin and surrounding counties. Charges against Fackrell allege that he fraudulently obtained more than $300,000 from investment customers of Fackrell Trivette Wealth Management located in Yadkinville.

Court documents filed in the U.S. District Court Western District of NC on March 17 state that “from in or about May 2012 through in our about December 2o14, the defendant Charles Caleb Fackrell, abused his position of trust as a registered securities representative or ‘stockbroker’ and executed what is commonly known as a ‘Ponzi’ scheme to defraud investors.”

According to the court document, Fackrell defrauded about 20 investors in the approximate amount of $779,983. Much of the funds Fackrell obtained from his clients were used for his personal expenses and purchases from Apple itunes, Costco, Bojangles and other retail purchases, according to the court documents.

On Dec. 1, 2014, the Yadkinville Police Department received the initial call from Fackrell Trivette Wealth Management LLC, located at 604 Tennessee St., regarding financial irregularities that had occurred at the business.

Sentencing for Fackrell is expected to take place next week.

Fackrell
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Staff report

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