KINSTON, N.C. (WITN) – A Kinston woman is facing charges in Illinois after police say she redirected thousands of dollars from dozens of people to her bank accounts.
Police in Goodfield, Illinois, launched an investigation in November after a woman reported that someone had redirected approximately $8,300 of her paychecks to unknown bank accounts.
Police learned through search warrants that the accounts contained additional deposits from more than 30 victims totaling around $39,000.
Laylah Blount was identified as the suspect during the investigation.
Goodfield police traveled to North Carolina on March 30th and served a search warrant at Blount’s house with Kinston police.
Officers found Blount at the home and seized several electronics.
The 19-year-old was arrested and charged with aggravated identity theft, theft over $500 and fraudulent use of electronic transmissions.
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Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
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- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.