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HomeGold CEO Trial Update
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February 13, 2009
The former chairman for HomeGold, charged with securitiesd fraud and conspiracy, allegedly continued to collect over $27,000 a month in salary and expenses after he resigned his position, but remained a company director.
Former CFO, Karen Miller, told jurors of Jack Sterling's actions as the company began to take a turn for the worse financially. HomeGold is reportedly responsible for the Carolina Investors' collapse after funding the subprime lender.
Miller has pleaded guilty to conspiracy in filing misleading reports with the Securities and Exchange Commission and withholding key information from board members of Carolina Investors Inc., a HomeGold subsidiary. She is testifying as part of her plea agreement with the state.
About 12,000 people lost an estimated $278 million after the collapse.
Read story at Greenville Online
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