Anthony J. Benedict, 54, of Charlotte, NC was arrested on 10 counts of grand theft, with a $500,000 bond for each charge, totaling $5 million. An FDLE fugitive for almost 10 years, Benedict fled the state just prior to being charged.
Benedict defrauded multiple “investors” of an estimated $3 million dollars in a Ponzi-like scheme to defraud. He borrowed money from investors for “bridge loans” at a rate of 10 percent interest in an effort to obtain mortgage loans for unidentified persons. These individuals normally would not financially qualify, but by temporarily inflating their account balances, Benedict provided false information to the lending institutions making their financial decisions for loans.
Benedict convinced the investors that, after the loans were approved, these unknown borrowers would return the principal, along with an unknown premium. He claimed he would then return the investors’ money, plus 10 percent interest. Benedict began reinvesting the principal, only paying the investors the 10 percent interest payment. When they began asking for their principal investments to be returned, Benedict stopped answering their calls and fled the state.
After an exhaustive, lengthy search, FDLE agents were able to locate Benedict residing outside of Charlotte, NC. He was arrested by the Charlotte Mecklenburg Police Department on Wednesday on the active, out of state warrant and booked into the Mecklenburg County Sheriff’s Office Jail.
The case will be prosecuted by Attorney General Ashley Moody’s Office of Statewide Prosecution.