State received complaints about Raleigh financial firm before federal investigation, documents show

RALEIGH, N.C. (WNCN) — VisionQuest Wealth Management appears to have shuttered its downtown Raleigh offices three weeks after the FBI raided its offices and the home of its CEO, Stephen Peters.

Since that raid, there’s been a temporary restraining order in place, and that document remains sealed.

In a legal motion, Peters’ attorney said the company has “about $160 million in assets” and “around 400 clients.” The attorney wrote that the order “threatens the existence of VQ Capital.” That many of his clients remain “confused, worried, and angry.”

EARLIER: FBI raids Raleigh investment company, CEO’s home

At a hearing Wednesday, prosecutors argued the order should remain sealed. They said that Peters’ assets are liquid in nature and that they anticipate many victims will need restitution. They told the judge they are investigating four federal crimes.

CBS North Carolina reached out to the North Carolina Attorney General’s Office, where officials said the office has received two complaints about VisionQuest. CBS North Carolina then reached out to those who filed the complaints.

One couple asked that we not to identify them because they fear retaliation. They said they first invested money with the firm back in 2008. They filed the complaint back in April.

The husband is 80 years old, the wife is disabled. They told CBS North Carolina they lost $1 million.

The second complaint was made by a woman who told CBS North Carolina she invested $400,000. She was promised “personalized investment management,” according to the complaint. After three months, she wrote she wasn’t satisfied with the services and requested the $2,200 she paid in fees back. She said she’s received that money.

According to the latest motion, the temporary restraining order remains in effect until on or before August 15. No new hearing has yet been scheduled.

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