Walter Reinhardt sentenced to 15-20 years after pleading guilty to fraud charges involving retirees' savings
DURHAM (WTVD) -- Walter Reinhardt was sentenced Tuesday to 15 to 20 years in prison after pleading guilty Monday to defrauding many retirees, including teachers, out of their life savings.
Investigators said Reinhardt bilked at least 16 people in Durham County out of more than $1 million. Most of his alleged victims are retirees and former educators, who said Reinhardt abused their money and their trust.
Reinhardt was given a chance to speak at his sentencing hearing Tuesday.
"I sympathize with their predicament and wish that I had not been involved or had been a better steward of, uh, their assets," he said as some of his victims looked on.
Reinhardt has spent nearly four years in jail since his 2010 arrest.
Investigators with the North Carolina Secretary of State served him with 62 felony warrants for securities violations, including forgery. They claimed Reinhardt cut and pasted his alleged victims' signatures on documents.
He was also accused of failing to tell investors a previous violation barred him from selling securities in 2001.
