A Kannapolis resident is seeking justice after losing her life savings in what she claims was a fraudulent investment scheme. Carol J. Dancy filed a complaint on December 14, 2025, in the United States District Court for the Western District of North Carolina against Zachariah Leoffels, Mountain East Acquisitions, Jim Hitt, American IRA, LLC, and New Vision Trust Company.
The lawsuit alleges that defendant Zachariah Leoffels recklessly recommended and sold an unsuitable annuity to Carol Dancy that did not perform as promised. Additionally, the defendants are accused of fraudulently recommending and selling another investment that failed shortly after purchase. According to the complaint, these actions resulted in losses exceeding $250,000 for Dancy—essentially wiping out her entire life savings. The complaint details how Leoffels convinced Dancy to liquidate her Wells Fargo account and invest $320,000 into an Athene fixed-income annuity by making false assurances about its safety and profitability.
Dancy further accuses Jim Hitt and his companies of facilitating a second failed investment in Next Level Holdings through misleading marketing materials provided by American IRA. The lawsuit claims that this investment was presented as having a guaranteed interest rate of 15% with full insurance protection—a promise that turned out to be false. Dancy asserts that both American IRA and New Vision Trust breached their fiduciary duties by promoting this risky investment without proper due diligence.
The plaintiff seeks several forms of relief from the court: recovery of all consideration paid for the Next Level securities along with interest; compensation for all losses sustained due to the defendants’ actions; return of any commissions received by Leoffels; punitive damages; and other just relief deemed appropriate by the court.
Representing Carol J. Dancy is attorney John B. Veach III from Veach Law based in Asheville, North Carolina. The case is identified as Case No. 1:26-cv-00018 and awaits adjudication in front of a jury trial as demanded by the plaintiff.
Source: 126cv00018_Dancy_v_Leoffels_Complaint_Western_District_North_Carolina.pdf
