Investment Fraud Probe Expands to Raleigh
An investigation into a multistate investment fraud run by a Charlotte man has spread into Raleigh, according to search warrants released in Wake County.
Posted — UpdatedSearch warrants released in Wake County indicate Gary C. Keever, 52, has come under scrutiny in a nearly yearlong investigation of a multi-state investment fraud case.
Investigators said Keever promised to buy and sell mortgages at a guaranteed return of at least 10 percent per quarter. His companies included Mortgage Holding Group, The Advance Group and Level One Capital Services.
At least one of the people who bought into Keever's scheme gave him more than $171,000, according to the search warrants.
Investigators listed the addresses of three Raleigh bank branches in the warrants.
"The pattern of activity revealed that Keever was converting investor funds to his own personal use and benefit," the search warrant reads.
Search warrants said his businesses were not legitimate: Keever was not licensed, his companies were not registered, and no record exists of their buying or selling real estate in Mecklenburg County.
Keever could not be reached for comment Monday. A background check shows he was convicted in Mecklenburg County in 1995 of obtaining property by false pretenses in 1991 and of larceny in 1992. He was placed on probation for both offenses, according to state Department of Correction records.
Secretary of State Elaine Marshall would not comment on the Keever investigation, but she warned that investment schemes are getting more sophisticated.
"When you are silent, you are a scam artist's best friend," Marshall said.
Anyone who believes they have information on investment fraud can call the Securities Division at 919-733-3924 or toll-free at 1-800-688-4507.
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