What You Need to Know
- A judgment against ex-advisor and broker Stephen Condon Peters that included a 40-year prison sentence has been fully affirmed.
- The judgment also called for Peters to pay $15.1 million in restitution and forfeit assets.
- Victims who were scammed as part of his Ponzi scheme included several elderly clients.
A former Raleigh, North Carolina-based investment advisor whom the Securities and Exchange Commission and Department of Justice separately charged in 2017 with running a Ponzi scheme has lost his appeal of the 40-year prison sentence he received after being convicted on all charges against him in a weeklong trial in 2019.
In a per curiam opinion issued Thursday by the 4th U.S. Circuit Court of Appeals, the judgment against Stephen Condon Peters that included the prison sentence, $15.1 million in restitution and forfeiture of assets was fully affirmed.
Responding to the decision, acting U.S. Attorney G. Norman Acker III said in a statement: “For years now, the many victims of former investment advisor Stephen Peters have been holding their breath, waiting for any kind of news about the outcome of his appeal, so that they can move on with their lives.”
Noting that the appeal was over and there “were no dissenting votes,” Acker said: “Peters will serve the 40 years imposed upon him. With this result, this office can now resume its efforts to liquidate assets and return them to victims as quickly as possible.”
The evidence had showed that the ex-RIA, broker and owner of VisionQuest Wealth Management, defrauded his numerous clients, including elderly ones, by steering them into investments in which he had a direct financial interest, Acker said.