Disguised Ponzi scheme broken up

Jan. 30, 2014 @ 10:17 PM

HIGH POINT — Police in High Point have arrested a man who they say disguised a Ponzi scheme as a used-car dealership and conned people out of $350,000.

Jason Nicholas James, 38, was arrested at a Greensboro motel.

Det. Kim Rieson said investigators determined that James used his brother's identity to get utility service, rental property and a license to sell cars. Rieson said someone else told police they were scammed out of more than $330,000, thinking they were investing in a used-car business.

Rieson said James is also wanted in Ohio, and in Greensboro.

James, who was arrested Monday, is jailed under a $1.3 million bond. He will be extradited to Ohio after facing charges in North Carolina. It's not known if he has an attorney.