FBI investigating Waxhaw man for fraud scheme - | WBTV Charlotte

FBI investigating Waxhaw man for fraud scheme

(Mark Davenport | WBTV) (Mark Davenport | WBTV)
(Mark Davenport | WBTV) (Mark Davenport | WBTV)
(Mark Davenport | WBTV) (Mark Davenport | WBTV)
WAXHAW, NC (WBTV) -

A Waxhaw man could face decades in prison after he was charged Friday with wire fraud and money laundering.

The FBI was investigating James Cox's home, located in the 400 block of Cottonfield Circle in Waxhaw, Friday morning. The location is just off of Providence Road.

Cox could face 40 years in prison and fines of more than half a million dollars, Magistrate Judge David Keesler said in court. 

Deputies with the Union County Sheriff's Office and FBI agents went through Cox's home looking for evidence in a case that federal agents say dates back to 2010.

The government contends Cox was part of scheme that bilked investors out five million dollars.

Cox's government appointed attorney did not speak on his behalf, but Cox did address the court by first saying, “I am 57-years-old and never been in trouble with the law.”  In asking that a bond be set, Cox said to Magistrate Judge David Keesler, “I am not a danger or flight risk to anyone.”

Cox was given no bond and has a hearing next week.

The government is looking at several unidentified co-conspirators, which is complicating the case. Officials say that part of the investigation extends into west Texas.

Cox is scheduled to be back in court Wednesday. 

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