Victims of a massive alleged Ponzi scheme lined row after row in a courtroom in Newton on Monday, hoping to see the man they and authorities say took their money for his own gain.
The victims' arrival in court paid off when J.V. Huffman Jr. appeared and pleaded not guilty to four felony counts of securities fraud and four felony counts of obtaining property by false pretense.
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.
A receiver appointed by the court has uncovered numerous cars Huffman owns, including an Aston Martin and three Mercedes Benzes. Huffman also had multiple timeshares in Florida and owned several properties in the Catawba County area, in addition to his home in Claremont.
Up to 500 people invested $25 million with Huffman's company, Biltmore Financial Group Inc., beginning in 1991 and ending Nov. 7 with his arrest. Huffman is being held in the Catawba County jail under a $1 million secured bond.
Huffman arrived in court while the judge was speaking to another defendant. Wearing a lime green jumpsuit with his hands and feet shackled, he surveyed the crowd in the courtroom, a slight grin on his face. As Huffman entered, a murmur went through the courtroom. One victim patted her friend's arm excitedly.
Huffman's behavior and plea shocked some.
"He had no remorse. He had a smirky grin," said Elizabeth Todd, who invested with Biltmore Financial Group for eight years. "And to plead not guilty is unbelievable."
Vickie Drum wasn't sure what to expect Monday, but said she didn't think Huffman would appear.
Drum's investment with Huffman, along with three other people's, is what sparked the N.C. Secretary of State's investigation in 2008, and also is what Huffman's charges are based on.
"I was surprised to see him in court," Drum said.
She said the last time she saw Huffman was in late July. Although the jail-issued jumpsuit Huffman was wearing Monday doesn't fit his body like the button-down shirts and dress pants he used to wear, Drum said it looked as though Huffman has lost weight since then.
Once Huffman's plea was entered, the judge set his next court date for Aug. 24.
After the hearing, District Attorney Jay Gaither met with the victims to answer a few of their questions and discuss legal procedures with them.
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