A North Carolina man has pleaded guilty to charges of wire fraud and investment adviser fraud after stealing more than $650,000 from at least 64 investors in Maryland. Hunter Haithcock, 24, also known as Hunter Elliott, admitted to running the scheme between September 2019 and October 2022.
According to the U.S. Attorney for the District of Maryland, Kelly O. Hayes, Haithcock falsely presented himself as an investment advisor and claimed he worked for a legitimate company with a registered investment adviser. He told victims that investing with him would guarantee their principal and yield significant returns.
Haithcock provided his clients with fake reports showing portfolio gains to maintain the appearance of legitimacy. Instead of investing the funds as promised, he transferred the money into accounts he controlled and used it for personal expenses such as credit card bills, entertainment, car payments, travel costs including hotels and flights, and cryptocurrency trading.
The plea agreement details that Haithcock met victims through various means including a local church and word-of-mouth referrals. He often introduced himself as Hunter Elliott, claiming to be a licensed securities broker who could deliver returns of 100-200 percent or more. In reality, Haithcock was never employed by the company he referenced or any other broker-dealer and did not hold a license to trade securities.
He assured investors that their principal was protected regardless of market performance or investment size. Some invested tens of thousands of dollars while others contributed smaller amounts. Haithcock continued to provide fraudulent statement reports on a weekly or bi-weekly basis until investors began requesting their money back. At that point, he fabricated excuses for not returning funds and eventually stopped responding to communications from victims. On occasion, he used new investor funds to pay back earlier investors.
Haithcock faces up to 20 years in federal prison for wire fraud and five years for investment adviser fraud. Sentencing is scheduled before U.S. District Judge Matthew Maddox on February 6 at 10 a.m.
U.S. Attorney Hayes commended the FBI for its investigative work and acknowledged assistance from the U.S. Securities and Exchange Commission, Cecil County Sheriff’s Office, and Maryland’s Office of the Attorney General. Assistant U.S. Attorneys Paul Riley, LaShanta Harris, and Joseph Wenner are prosecuting the case.
"U.S. Attorney Hayes commended the FBI for its work in the investigation and praised the U.S. Securities and Exchange Commission, Cecil County Sherriff’s Office, and the Office of the Attorney General for the State of Maryland for their assistance."
For additional information about reporting fraud or learning about priorities in Maryland's U.S. Attorney’s Office, visit justice.gov/usao-md or justice.gov/usao-md/community-outreach.
