NC court: Losing $100K doesn't justify conviction

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by Associated Press

WCNC.com

Posted on March 5, 2013 at 12:44 PM

RALEIGH, N.C. (AP) -- A North Carolina appeals court has tossed a Nash County man's conviction, saying his aunt and uncle weren't hoodwinked when they gave him more than $100,000 to invest. 

The state Court of Appeals on Tuesday vacated 54-year-old Phillip Dalton Braswell's nearly five-year sentence for obtaining property by false pretenses. Judges ruled that Rocky Mount police and prosecutors lacked enough evidence to show that Braswell failed to invest the money he borrowed.  

Braswell quit his job at a car dealership during the 1990s Internet stock bubble to become a self-employed investor. He promised relatives 10 percent annual interest on money they loaned him to invest but lost it all over a decade. 

Braswell has served a year of his sentence.
 

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