Rob Peter to pay Paul.

• Position: Charlotte - J.V. Huffman Jr. - Brief article

Claremont resident J.V. Huffman Jr. confessed to cheating more than 500 investors in a Ponzi scheme that lasted 17 years and raised more than $25 million, according to the U.S. Securities and Exchange Commission. Initially, he told investors that his Biltmore Financial Group Inc. operated like a mutual fund. After Sept. 11, 2001, he said it generated profit by buying and selling mortgages. But Huffman told investigators that he used money from clients to pay profits to earlier...