CHARLESTON, SC (WCSC) - A man who set up at least two companies in the Lowcountry used them to defraud investors out of more than two million dollars, according to federal authorities.
Todd Vannatta is set to appear before a judge for arraignment on Dec. 27, on nine counts of wire fraud and one count of false statement.
Vannatta used businesses to entice customers and investors to give him money, and he did all of this while under supervision for committing similar crimes in Indiana, according to court documents.
Vannatta pleaded guilty in 2013 to 15 federal counts of fraud for obtaining bank loans in excess of $10 million using fake documents.
Attorneys involved declined requests for comments, saying they cannot because the case is still pending.
“The indictment speaks for itself,” Assistant US Attorney Rhett DeHart said.