Feds seize more assets from investment adviser accused of Ponzi scheme

Federal authorities have seized more assets of a Raleigh investment adviser accused of bilking people out of more than $15 million in an elaborate Ponzi scheme, according to recently unsealed court records.

Posted 6:23 p.m. Apr 12, 2018 — Updated 6:23 p.m. Apr 12, 2018

Matthew Burns

, WRAL.com senior producer/politics editor

RALEIGH, N.C. — Federal authorities have seized more assets of a Raleigh investment adviser accused of bilking people out of more than $15 million in an elaborate Ponzi scheme, according to recently unsealed court records.

Stephen Condon Peters, 44, was indicted in December on one count each of investment adviser fraud and fraud in the sale of unregistered securities, nine counts of wire fraud and four counts of engaging in monetary transactions in criminally derived property. He also was charged with corruptly endeavoring to influence a federal agency.

Authorities allege that Peters, who owns VisionQuest Wealth Management, promised investors returns of 8 to 9 percent a year on low-risk investments. Some turned over their retirement accounts to him, but prosecutors say he diverted much of the money for his own personal use.

A federal judge froze Peters' assets in September, two months after federal agents raided his downtown office and his home. After his indictment, federal authorities seized an array of property to help repay victims, including a horse farm near Lake Wheeler, two horses, a cliffside vacation home in Costa Rica known as "The House of the Beloved Princess," a Cadillac Escalade and cash in five bank accounts.

Investigators now say Peters and his wife, Amy, who did the books for VisionQuest, used two other bank accounts to route money to purchase the seized assets or to rent out the Costa Rica villa and a room at the horse farm. Authorities have seized those accounts, as well as other property they believe was purchased with investors' money, including a third horse, a pickup, two Breitling Bentley watches, two guns, two all-terrain vehicles, a horse trailer and farm equipment.

According to court documents, Peters has admitted to taking between $4.3 million and $4.8 million from VisionQuest so he wouldn't have to pay taxes on it. Authorities are still tracking what happened to the rest of the money invested with the firm, documents state.

Peters, who is also under investigation by the Securities and Exchange Commission, has been barred from contacting any VisionQuest investors, other than his father, pending his trial. He also had to surrender his passport and was ordered not to leave North Carolina.

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