BALTIMORE — A North Carolina man was indicted for wire fraud, aggravated identity theft, and investment adviser fraud in connection with a scheme that defrauded at least 50 investors of over $600,000, according to the U.S. Attorney’s Office for the District of Maryland.
Hunter Haithcock, 23, also known as Hunter Elliott, of Matthews, North Carolina, was charged after a federal grand jury returned a sealed indictment on August 21. The indictment was unsealed following his arrest, and Haithcock made his initial court appearance in the U.S. District Court for the Western District of North Carolina on Thursday.
Prosecutors allege that from September 2019 to October 2022, Haithcock posed as an investment adviser employed by a large brokerage firm. Instead of investing the funds entrusted to him, Haithcock allegedly directed the investors’ money to accounts he controlled and used it for personal expenses, including car payments, airline tickets, and entertainment.
Authorities also said Haithcock used the identity of a legitimate Illinois-based investment adviser, including the victim’s name and Financial Industry Regulatory Authority (FINRA) registration number, to further his scheme.
If convicted, Haithcock faces up to 20 years in federal prison for each wire fraud count, a mandatory two-year sentence for aggravated identity theft, and up to five years for investment adviser fraud. Sentencing will be determined by a federal district court judge based on the U.S. Sentencing Guidelines and other legal factors.