Local News

Durham man charged with bilking investors out of $1M

Posted November 19, 2010

— A Durham man has been charged with defrauding investors out of more than $1 million, authorities said Friday.

Walter Ray Reinhardt, 60, is charged with 38 counts of securities fraud and 12 counts each of common law forgery and common law uttering.

U.S. marshals apprehended Reinhardt in Louisiana in late October, and he was extradited to North Carolina. He was being held Friday in the Durham County jail under a $10 million bond.

Investigators with the North Carolina Secretary of State's Office said the majority of the investors are retired teachers who were persuaded to roll over their retirement funds into investments with Reinhardt. Sixteen victims have been identified so far, and investigators said they believe more will be found.

Reinhardt solicited investments from November 2005 to May 2009, asking people to put their money into a variety of businesses owned by a Richmond, Va., man, according to investigators. Investors were told they could earn 8 to10 percent interest over four years.

In some cases, investigators said, Reinhardt cut and taped clients’ signatures to agreements to invest their money in the Virginia businesses without their authorization.

The National Association of Securities Dealers barred Reinhardt in 2001 from selling securities, and the state Securities Division issued a cease and desist order against him in 2007 for the unregistered sale of securities.


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  • nanasix Nov 22, 2010

    I blame the SOS Elaine Marshall for a lot of what this man and his co-hort in crime have done. She supposedly issued a cease and disist order in 2007, but didn't Adm. Dissolve or Revoke the corporations he had in NC which totalled 6. She leaves the door wide open for criminals in not maintaining state records as should be done. She allows them to go years without filing the required Annual Reports, showing them Current & Active while years in default. She has cost our state millions in lost revenue, and put us in a very liablous position with her fraudulent reporting. She needs to be removed ASAP, and put someone in office that can do the job right, not giving the criminals an open door to continue their crimes in our state.

  • clickhere Nov 19, 2010

    "isn't that Mick Jagger in the picture?
    Big Mike"

    Sorry, Mick had a longer tongue.

  • clickhere Nov 19, 2010

    6079 Smith W - nice comment and all too true . . .. it's amazing what the other side believes and holds to, despite the number of billionaires created in the USA over the Bush years. This guy only made a few million, but look how he did it.

  • lockinlady Nov 19, 2010

    "Oh look, Martha...its one of those "hard-working republicans" who "deserve to be rich"....too bad he got caught.....he sounds like a national hero to the Neo-Conned. ;)" - 6079 Smith W

    LOL! Too funny.

  • sniperdiver Nov 19, 2010

    Yep, those criminals were wanted out of state, and its a pansy judges fault too. Get tough on crime.

  • didisaythat Nov 19, 2010

    The bond amount is security this person will go to court. The reason it is high is because he is a flight risk. The murderer, usually does not get a bond, unless it is 2nd degree or manslaughter. You cannot compare bond amounts to other people or other crimes. It has to do with the history of the person, the charge and the likelyhood this person will not go to court.

  • 6079 SMITH W Nov 19, 2010

    Oh look, Martha...its one of those "hard-working republicans" who "deserve to be rich"....too bad he got caught.....he sounds like a national hero to the Neo-Conned. ;)

  • awomnsptofview Nov 19, 2010

    The sad thing Big Mike...he will probably get just that. Time in a plush federal facility since its a federal crime. I am soooo sick of people like this man is alledged to be.

  • Big Mike Nov 19, 2010

    Isn't that Mick Jagger in the picture?

  • Big Mike Nov 19, 2010

    My late dad lost everything he had worked 45 years for when he retired and trusted vultures like Reinhart. Hope he gets the max at one of those hard work farms, and not a plush white collar prison...