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Raleigh man charged with investment fraud

Posted March 11, 2010

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— State authorities charged a Raleigh man Wednesday with defrauding a person out of $50,000 in a foreign currency trading scam.

Dennis Todd Hagemann, 41, faces two felony counts of securities fraud and one felony count of obtaining property by false pretenses. He was placed in the Wake County under a $250,000 secured bond.

Hagemann's arrest stemmed from an investigation of his currency trading company, Yellowstone Partners Inc., by the North Carolina Secretary of State Division of Securities.

"We believe that Mr. Hagemann essentially used a sales pitch on foreign currency trading to get funds from a victim that were then used to pay another debt, instead of being invested in such trading," Secretary of State Elaine Marshall said in a statement Thursday.

The securities division is still investigating.

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  • Ouiser Mar 12, 2010

    i know this guy, what a jerk and real dumb

  • BigUNCFan Mar 12, 2010

    He just looks angry in his picture.

  • wildcat Mar 11, 2010

    He needs some prison time of 5 years.