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Tue January 7, 2014
SEC: Arkansas Woman And Stepson Headed Ponzi Scheme
Federal prosecutors in North Carolina say an Arkansas woman and her stepson have reached an unspecified plea agreement on charges they helped operate an Internet Ponzi scheme with a North Carolina man.
The Times Record reports that 45-year-old Dawn Wright-Olivares and 31-year-old Daniel Olivares - both of Clarksville - are due in federal court in Charlotte, N.C., on Feb. 5 for a plea hearing.
The federal Securities and Exchange Commission alleges that the scheme took more than $850 million from more than 1 million investors worldwide during 2011 and 2012.
A filing by the SEC in the case says Wright-Olivares and Olivares have agreed to pay more than $11 million to settle its claims.
Attorneys in Charlotte, N.C., representing Wright-Olivares and Olivares could not be reached for comment.