David Topping, 19, of Oak Island, North Carolina has been charged with securities fraud after being accused of defrauding investors, including a number of retirees, out of over $130,000. The teen was arrested by law enforcement agents with the North Carolina Secretary of State’s Securities Division and is charged with obtaining property by false pretense, solicitation to obtain property by false pretense, and felony securities fraud.

Authorities believe that Topping solicited about twenty investors to invest in Stark Innovations, LLC through the use of Facebook, LinkedIn, and other social media sites. The teen is alleged to have told the investors that he bought and shipped electronic consumer goods in bulk from overseas and sold them at a markup in the United States. According to the investors, they were told that they could earn 6.5% interest per month with no risk to their principal.

Topping, however, was not registered to sell securities in North Carolina, failed to inform the investors of that fact, and is currently facing other criminal charges as well. He is currently being held under a $250,000 bond.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.