Charles Vaughn, a so-called Atlanta investment advisor, has found himself in hot water lately for his alleged shady business dealings. Mr. Vaughn, the founder of CM Vaughn, LLC and Livid Media has been living the high life for several years and spending money on luxury items such as a Donzi boat, a Freightliner to pull the boat and several Mercedes worth in excess of $100,000 each. Mr. Vaughn has allegedly convinced several investors to entrust their money with him to invest but has instead operated a classic "Ponzi" scheme wherein he used new investor money to pay other investors. When Mr. Vaughn could no longer swindle money from investors he quickly filed for bankruptcy. WSB-TV Atlanta has conducted an investigative report on Mr. Vaughn which aired yesterday, July 28. The link to the video is as follows: http://www.wsbtv.com/video/17018672/
Furthermore, Mr. Vaughn was recently arrested for check fraud because he did not inform his employees that he filed for bankruptcy and after filing the bankruptcy he continued to issue payroll checks to his employees (knowing that there would be no funds available to cover the checks). These checks (totalling several thousands of dollars) would eventually bounce costing his employees damages in the form of bank fees, etc. When confronted by employees (myself included) Mr. Vaughn offered excuses and empty promises. He went so far as to tell several individuals that he was suffering from cancer and that the money would be forthcoming. He further never informed employees that their medical insurance was cancelled (because he discontinued payments to the insurance carrier) and employees assumed that they had valid medical coverage. Myself and several other individuals filed a police report for the check fraud but Mr. Vaughn is now free on bond.
This report is to serve as a warning to anyone who may in the future encounter Charles Michael Vaughn in employment or investment situations. Do not entrust your money to this individual! If you are an employer, a simple background check will reveal Mr. Vaughn's 15 year history of fraud.
0 comments