North Carolina man sentenced for hatching investment scheme

(Photo: USAF / Joshua Magbanua)

CHARLOTTE, NC (AP) — A federal prosecutor says a North Carolina man has been sentenced to prison for his role in an investment scheme that defrauded his victims under the guise of investments to construct student housing at certain colleges.

Acting U.S. Attorney William T. Stetzer says in a news release that 57-year-old Joseph Maurice Deberry of Charlotte was sentenced by a judge to 57 months in prison.

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The sentence was handed down on Monday. Deberry pleaded guilty last June.

Court documents indicate that from 2016 to June 2019, Deberry fraudulently obtained hundreds of thousands of dollars from more than a dozen investors.