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Grand jury indicts fraud suspect

Huffman now faces eight felony counts

DETAILS

Who: J.V. Huffman Jr, 45, of Claremont

Charges: Four felony counts of securities fraud and four counts of obtaining by false pretense

Bond: $1 million secured

Attorney: Anderson Terpening PLLC

WHAT A SECURITIES FRAUD INDICTMENT SAYS

The jurors for the State upon their oath present that on or about the date of offense show and in the county named above the defendant named above unlawfully, willfully and feloniously did in connection with the sale of Biltmore Financial Group investment contract, make an untrue statement of material fact. The defendant stated that he would invest monies of (name), to wit: $XX for the benefit of (name) when in fact the defendant did not invest the monies, but converted the monies for his own personal use and benefit. This act was in violation of the law referenced above.

WHAT AN OBTAIN PROPERTY BY FALSE PRETENSE SAYS

The jurors for the State upon their oath present that on or about the date of offense show and in the county named above the defendant named above unlawfully, willfully and feloniously did knowingly and designedly with the intent to cheat and defraud obtain and attempt to obtain $XX in U.S. currency from (name) by means of a false pretense which was calculated to deceive and did deceive. The false pretense consisted of the following: the defendant stated that he would invest monies of (name), to wit: $XX for the benefit of (name) when in fact the defendant did not invest the monies, but converted the monies for his own personal use and benefit. This act was in violation of the law referenced above.

By Sarah Newell Williamson | Hickory Daily Record

Published: December 9, 2008

NEWTON - A Catawba County grand jury indicted J.V. Huffman Jr. on eight charges Monday.

Huffman was indicted on four felony counts of securities fraud and four felony counts of obtaining property by false pretense.

The indictments were based on the same four people who sparked the N.C. Secretary of State's initial investigation earlier this year.

Vickie Drum invested $40,000 with Huffman and Biltmore Financial Group Inc. from March 29 through Huffman's Nov. 7 arrest. Martha Fox invested $101,701.41 from Aug. 4, 2005, to his arrest. Gordon Fox invested $118,000, from March 17, 2004, to his arrest. Robert Crawley invested $449,027 from Dec. 31, 2007, to his arrest.

Huffman is accused of lying to neighbors, family and friends for 17 years, telling them he bought and sold securities, as he took millions of dollars from them to pay for his lavish lifestyle in a Ponzi scheme. About 500 people invested $25 million with Huffman's company, Biltmore Financial Group Inc., beginning in 1991 and ending Nov. 7 with his arrest.

The Securities and Exchange Commission alleges the money was used on rental properties, buying a $1 million recreational vehicle, an Aston Martin, renovations to his sprawling home on Wishing Well Lane in Claremont and going on luxurious vacations, among other things.

General Statute 14100 states that if more than $100,000 was involved in the offenses, the class of felony is more severe and the degree of punishment could potentially be greater, according to the clerk of court office.

Huffman's next court appearance in Superior Court has not yet been set, said Al Jean Bogle, clerk of Superior Court.