Former Lincolnton teacher sentenced in Ponzi scheme

  |   29 October, 2014   |   917   |   3980

A former Lincoln County school teacher was sentenced Tuesday to four years in prison for a Ponzi scheme that defrauded investors of more than $1 million.



Carl David Wright, 54, of Iron Station also must serve three years of supervised release after his prison term ends and pay $817,975 restitution to his victim investors.



Prosecutors said Wright orchestrated the scheme from August 2008 to March 2013 by encouraging his victims to invest in a Cherryville-based “Commodity Investment Group” that he told them he managed.



Wright promised investors a 20 percent to 30 percent return on their investment in a short period of time, while knowing such a return was impossible, according to court records.



Wright formerly taught career and technical education at Lincolnton Middle School.