BRUNSWICK COUNTY, NC (WECT) - A Southport teen was arrested after creating a company promising high investment returns with no risk, defrauding individuals of more than $130,000.
David Alan Topping, 19, of Oak Island was arrested on charges of, felony obtaining property by false pretense fro items valued over $100,000, felony securities fraud, and misdemeanor solicitation to obtain property by false pretense
The Brunswick County Sheriff's Office worked in conjunction with the North Carolina Department of Secretary of the State to determine that Topping solicited individuals to invest in a company set up to defraud them of their invested money.
Topping was able to scam victims through promising extraordinarily high returns with no risk, without any basis in reality, actual investment practices or historical performance,according to the Sheriff's Office. The name of the fraudulent company was Stark Innovations, LLC. The scam was orchestrated through means including cold calls, pitches and social media.
Topping is being detained on $250,000 bond in Brunswick County.