15 more charges in investment scam
Published 12:00 am Thursday, March 31, 2011
Sammy and Shelia Biggerstaff, who authorities say ran an Internet scam program that more than 40 people gave thousands to, have been charged today with 15 additional counts each of obtaining property by false pretenses.
According to the Rowan County Sheriff’s Office, the Biggerstaffs told investors their investment in the PIPS program could earn interest at a rate of 2.5 percent per day to be compounded daily. The PIPS scheme went under several names, including People in Profit Systems, Private Investment Profit System or Pureinvestor and PIPS Financial Services.
Authorities say the case is closed. Investors have had more than enough time to come forward since the scam was brought to the sheriff office’s attention in February, they say.
The Biggerstaffs were given unsecured bonds, and are scheduled to appear in court April 27.