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70-Year-Old Faces 25 Years Upon Conviction
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February 10, 2009
The chairman of a subprime lending bank is set to stand trial for securities fraud and conspiracy that left elderly investors penniless. If convicted, the 70-year-old faces up to 25 years and over $100,000 in fines.
Jack Sterling, a former CEO for HomeGold Financial Inc. is accused of manipulating financial information in order to make the company appear to be more profitable than it was. HomeGold specialized in high-risk residential mortgages and was a publicly-traded company. Carolina Investors sold more than $90 million in debt securities to the public to help fund HomeGold.
Sterling is one of six that were indicted in what prosecutors are calling the largest and most complex white-collar investigation in South Carolina's history.
Read story at The State
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