Charlotte, North Carolina Man Indicted In Ponzi Scheme

Nickolas Godfrey was accused of operating a ponzi scheme through his company, Coast to Coast Business Funding, which he falsely represented was successful and generating revenue by providing short-term cash advances to businesses. He allegedly collected more than $1 million from 20 victims and attempted to solicit more funds. He was also purportedly involved in a tax evasion scheme from 2008 until 2015. He owned NJ Holdings, which he used in connection with Coast to Coast to operate his scheme, according to court documents. He also owned and operated Alter Ego Salon and Day Spa and Blis Day Spa and Salon in Charlotte. Court documents state that he “engaged in a scheme and artifice to defraud victims by making a series of false and fraudulent representations and deceptive half-truths of material facts, and concealing material information about his business, Coast to Coast.” He told his victims they would earn as much as 73.5 percent if they invested, and that would be used to fund the cash advances. Instead, he used victim money to pay personal expenditures and to make payments on his other businesses. He also “created bogus financial statements” in December 2012. He is also accused of failing to pay the IRS a substantial amount of employment taxes from Blis and Alter Ego employees. He is subject to forfeiture in the amount of at least $484,322.58, according to the indictment.