• 66°

Ex-investment manager accused of defrauding NC Mutual Life Insurance Co. out of $34 million

Associated Press

Federal prosecutors accused a former investment manager in connection with a scheme to defraud a North Carolina life insurance company once recognized as a cornerstone of what was known as “Black Wall Street” out of more than $34 million.

Bradley Reifler, 61, of Milbrook, New York, was charged with wire fraud and perjury, the U.S. Department of Justice said in a news release.

According to the indictment, Reifler was an investment advisor for more than $34 million in assets belonging to NC Mutual Life Insurance Co., which was developed in Durham, North Carolina, in 1898 to serve a Black community which couldn’t get service from more established companies.

Rather than investing the money, the indictment said Reifler put it into self-dealing investments and otherwise diverted funds for his personal and business use. The indictment also said that after a 2016 audit of the trust assets raised concerns about his investments, Reifler hid the fraud by falsifying documents and leading others to do the same.

That loss led the company to be taken over by the N.C. Department of Insurance.

The perjury charge involves Reifler saying under oath in response to a civil suit that all his investments had been approved, the news release said.

Comments

Local

Commissioners approve incentive agreement for ‘I-85 Commerce Center’ on Webb Road

Education

State Employees Credit Union commits $1.5 million to new Partners in Learning center

Local

Salisbury council to discuss grant for thermal cameras, reconsider rezoning for future Goodwill store

Elections

Early voting for 2021 municipal elections begin Oct. 14

Nation/World

COVID has killed about as many Americans as the 1918-19 flu

Nation/World

US officials defend expulsion of Haitians from Texas town

Nation/World

Pfizer says COVID-19 vaccine works in kids ages 5 to 11

Coronavirus

Seven new COVID-19 fatalities bring September death toll to 27

Business

New ambulance company moves into Rowan County, filling need as COVID hospitalizations remain high

Crime

Blotter: Woman’s car shot several times on Pinehurst Street in Salisbury

Crime

Blotter: Sept. 19

Nation/World

Search for Gabby Petito boyfriend continues after body found

Ask Us

Ask Us: What companies does RSS use for instructional materials, textbooks?

Nation/World

US launches mass expulsion of Haitian migrants from Texas

Business

In lieu of annual festival, New Sarum turns Cheerwine beer release into celebration

Education

RSS says federal money won’t be long-term solution for staff pay

China Grove

Main Street Marketplace combines local ingredients, community with farm-to-table dinner

Business

Business roundup: New managing director takes helm at Piedmont Players Theatre

Coronavirus

COVID-19 cases continue decline as week brings 12 new deaths

News

Letter: Privileged to work where artists are valued

Brincefield Cartoons

Mook’s Place: COVID-19

Lifestyle

Library notes: New podcast coming in October

Lifestyle

In ‘This is Salisbury,’ Manier paints people who make city a better place to live

Lifestyle

Stokes earns best in show at Carolina Artists Guild’s Expo