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.
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