A Boonville man charged for fraudulently obtaining funds from his clients at Fackrell Trivette Wealth Management LLC, was sentenced on April 6 to serve 73 to 100 months in prison for his crimes. Charles Caleb Fackrell was arrested in December of 2014 after Yadkinville Police were called to the wealth management office, then located at 604 Tennessee St., regarding financial irregularities.
Fackrell was facing multiple fraud charges which were consolidated to one felony charge of obtaining property by false pretense. He pleaded guilty to the charge and will serve his sentence concurrent with a 63-month sentence on federal charges. In April of 2016, he also pleaded guilty to one count of securities fraud, according to Jill Westmoreland Rose, U.S. attorney for the Western District of North Carolina.
According to filed court documents at the 2016 plea hearing, from about May 2012 to December 2014, Fackrell executed a Ponzi scheme using around $1.4 million in funds he solicited from at least 20 victim investors. Residents of Yadkin and Wilkes counties were among his victims.
Court records indicate that Fackrell solicited his victim investors by making false and fraudulent representations, including that the investors’ money would be invested in, or secured by, gold and other precious metals, when in fact Fackrell spent only a fraction of investor money on such assets. Court records note that Fackrell used the majority of the money to cover personal expenditures, including hotel expenses, groceries, and medical bills, to make purchases at various retail shops and to make large cash withdrawals.