NC men plead guilty to $4 million Ponzi scheme

Two men in their 20s pleaded guilty to orchestrating a four-million dollar Ponzi scheme.

The founders of the fake hedge fund, based out of Kings Mountain, North Carolina, appeared in court today.

Austin Page and Brandon Teague are accused of squandering victim’s money on clothing, travel and luxury car rentals.

Authorities say the two founded “D & T Investment Group” and defrauded hundreds of investors – many of them near retirement age.

When investors began to question their operation, Page and Teague provided screenshots showing more than $16 million dollars in the account – when in actuality, it was less than $7.