Raleigh real estate investor makes first appearance | NBC17.com

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A well-known Raleigh businesswoman and former candidate for mayor charged in a multi-million dollar real-estate investment fraud scheme pleaded guilty in federal court Wednesday.

Carolyn W. Grant, former chair of the Chamber of Commerce, admitted she used various businesses to solicit investments and defraud investors of millions of dollars.

Federal prosecutors had formally charged Grant with one count of mail fraud.

"When making investment decisions, investors should always consider that if it sounds too good to be true, it is," said Keith Fixel, inspector in charge of the Charlotte division of the U.S. Postal Inspection Service.

In 2011, the North Carolina Department of the Secretary of State and the N.C. Real Estate Commission launched investigations into the financial dealings of Grant, a real estate investor, and her company, Omega Property Group.

The Securities Division of the North Carolina Department of the Secretary of State issued a cease and desist order against Grant and Omega Property Group on Sept. 27, 2011. A temporary order was issued in August 2011 for alleged violations of the North Carolina Securities Act.

In court Wednesday, many of the investors who claimed they lost money to Grant, showed up to listen to her plea.

Grant could spend years in jail and could be ordered to pay restitution to investors. Those investors told NBC-17 it's unlikely they will see the sums of money they put in her care.

Grant had nothing to say when leaving court. But it was revealed she is now employed with a job that requires her to travel in the U.S. and abroad. Her lawyers and prosecutors argued over whether she should be allowed to take a trip to Haiti for her work this coming December. The government thinks she is a flight risk and her attorney argued otherwise. The judge sided with Grant, for now.

Grant was the Democratic candidate for Raleigh mayor in 1999. After switching parties, she lost to Rep. Brad Miller for the 13th Congressional District seat in 2002.

Grant formed Omega Property Group in 2005.

Source: http://www2.nbc17.com/news/2012/nov/21/raleigh-real-estate-investor-makes-first-appearanc-ar-2799998/

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