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Developer of luxury condos sentenced to 56 months for bilking investors

The developer of a luxury condominium project that was slated to be built in Concord next to Charlotte Motor Speedway was sentenced Wednesday to 56 months in prison for using money he raised from investors for the project to fund his lavish lifestyle, according to the Western District of North Carolina’s U.S. attorney’s office.

Stevie Perkale Lee, 38, of Weddington, pleaded guilty to securities fraud and tax evasion in June. He was sentenced and taken into custody Wednesday because he was a flight risk and an “economic danger” to the community, the U.S. attorney’s office said.

Lee, president of VP Cos. USA and Arcadian Residence & Resort, fraudulently solicited more than $1.5 million from investors and buyers for ARR, the U.S. attorney’s office said.

Lee marketed Arcadian from his office in Ballantyne between June 2007 and January 2009 but never developed the 13-story project. Instead, he rented a luxury home and bought luxury cars, diamonds, watches, rings and Louis Vuitton bags, prosecutors said.

According to the U.S. attorney’s office, some of Lee’s investors are facing bankruptcy after losing their money.

Prosecutors also said Lee failed to file tax returns for the years in which he collected money from investors.

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