Hunter Haithcock, a 24-year-old from Matthews, North Carolina, has pleaded guilty to wire fraud and investment advisor fraud after stealing at least $657,000 from more than 64 investors, including individuals he met through a local church.
U.S. Attorney for Maryland Kelly O. Hayes announced that Haithcock, who also used the alias Hunter Elliott, faces up to 20 years in prison for wire fraud and up to five years for investment advisor fraud. Sentencing is set for February.
Between September 2019 and October 2022, Haithcock posed as a licensed investment advisor and falsely claimed he worked for a nationally recognized brokerage firm (“Company #1”) and was affiliated with a registered investment advisor. In reality, he was never employed by any broker-dealer, never held any licenses, and had no connection to the advisor he claimed to represent.
Haithcock promised investors guaranteed returns of 100% to 200%, assuring them their principal was safe. He distributed fake portfolio statements to create the illusion of growing investments. Victims trusted him, many through church connections or personal referrals, and invested amounts ranging from under $10,000 to tens of thousands.
Instead of investing the money, Haithcock used client funds to pay for personal expenses including credit card bills, car payments, travel, meals, entertainment, and cryptocurrency trading.
When investors sought to withdraw their funds, Haithcock dodged their requests, offering excuses and eventually cutting off communication. In some cases, he used money from new investors to partially repay earlier victims.
Haithcock has now admitted to the fraud and awaits sentencing, which could carry a combined maximum of 25 years in federal prison.
