Monday, January 24, 2011

SOS fines Steadivest over a million dollars

The Securities and Charities Division of the Mississippi Secretary of State's office issued a final cease and desist order against Steadivest, Marshall Wolfe, and Jack Harrington on December 1, 2010. The Division fined Mr. Wolfe $850,000 and Mr. Harrington $170,000 for their activities as principals in the collapsed Steadivest. The notice was just posted online.

A lawsuit filed by several victims of Steadivest fraud against Steadivest and several parties is pending in federal court. It is currently languishing on the docket as Judge Wingate is staying true to form in terms of moving cases on his docket. The bankruptcy petition filed by Steadivest is still active.

Collection of all Steadivest posts.

Here are the exhibits to the order:

36 comments:

Anonymous said...

The fine is just a drop in the bucket to what friends have lost in this Ponzi Scheme, if he didn't have any money from all the money HE STOLE from the investors, how is he going to pay the fine? Does that mean he will get a free get out of jail card and get off with just a fine? Many of the investors lost millions more than the fine being levied on the scumbag.

Anonymous said...

Looks like fed case stayed for Steadivest bankruptcy.

Kingfish said...

Yup. No telling when Feds or Hood's office will prosecute.

GREAT example of why SOS should be given authority to prosecute these cases for criminal violations.

Anonymous said...

Another great post series.

Anonymous said...

The findings of fact and conclusions of law would be fun read.

Anonymous said...

Here you go 9:55 PM:

http://www.sos.ms.gov/links/sec_char/final_orders_and_agreements/securities/Marshall%20Wolfe%20and%20Jack%20Harrington%20Exhibits%20to%20Final%20Order.pdf

Unknown said...

Interesting read.

Anonymous said...

Marshall Wolfe stole and squandered millions from church members, friends, family, business owners and the community, and, unbelievably, is still walking the streets. Undoubtedly, this low life scum will flim flam others in the future with another Ponzi scheme just with a different twist. Scum suckers like this always say it was never their fault. It is hard to imagine that a crook like this is not in prison serving 30 years. It is a disgrace to the community and justice system to let a thief like this get away with this much blatent theft from innocent, hard working people. God help us if this goes unpunished.

Anonymous said...

FBI, IRS & Postal Inspector.....put these guys under the jail!! Marshall Wolfe, well you know its coming soon!

Anonymous said...

Why in the world have these guys not been put in jail? I wonder what would have happened to them if this had happened in New York or Los Angeles?

Anonymous said...

Whoa is me. What type of person could be so cruel?

Anonymous said...

Who is Mark Rodgers?

Anonymous said...

How do people get away with this type of stuff.

Anonymous said...

12:43 may be on to something. Study Samarion's bankruptcy schedules and see what is there . . . or not there.

Anonymous said...

Bernie Ebbers got 25 years for something similar to this, just in a different format. Wolfe is a lucky man to not be behind bars. Maybe he was smarter than Ebbers.

Anonymous said...

Ebbers issued stocks on the stock exchange. Wolfe just flat out BS'ed those people.

Anonymous said...

Ebber's also got phucked. He got a bunch of my money, but his punishment (life, essentialy), is wrong, IMHO.

Anonymous said...

Wolfe has no sentence to worry about, but he had lots of fun with a lot of folks money.

Anonymous said...

Wolfe is coward, yeah you know you are and you also know this is far from over!!!!

Anonymous said...

It is most likely over since it has been a long time since he stole the bucks and is still not in trouble. He just outsmarted a lot of people and made a lot of money the easy way. Big man---Big Bucks--Big Ego---Thank you for the money---I am gone--Too bad.

Anonymous said...

He must be pretty smart to get those people's money and not have to pay it back.

Kingfish said...

Let me see..... Lost his house, wife dumped him when she realized all this was true and took the kids, no one will hire this guy, one employer fired him when it saw the WLBT story,he's pretty much been exposed as a con artist in this town, and at some point the feds will grab him. Last I heard he was bartending somewhere.

Anonymous said...

Kingfish, rumor is his father got him a job somewhat associated with his father's company Hotel Restaurant Supply. Rumor is, he is employed and doing fine these days. Well, to restate, doing fine without the wife, kids and 5,000sqf home in Palisades. He may have got away with the money but his kids now call Patrick (new husband) daddy!

Anonymous said...

What does Wolfe care? He blew millions of other folks bucks, had a big time, played big man for a while, had fun feeling big, No HEART, NO CONSCIENCE, NO SOUL, NO CLASS, but he got the big bucks and spent them having fun. No penalties, no sorrow, no remorse, no bad feelings for anyone but himself that there are no more suckers presently to milk. But, he will find more suckers in the future. Watch and see. Con men like this don't go down easily.

Anonymous said...

Wonder what the next Marshall Wolfe type scam will be and when it will happen and by who.

Anonymous said...

How low can men go? Wonder if men like Harringdon and Wolfe sleep well at night?

Anonymous said...

How in the world would SOS Collect these fines? Is that possible?

Anonymous said...

Wolfe is laughing at the dumb people who gave him money to blow. He doesn't care about anybody but himself.

Anonymous said...

The three people that keep responding to this blog need to follow the Christian model and sweep this under the rug and get over it!! Its over, Marshall won, move on! Go to church, surely Chip has a sermon on forgiving and moving on!

Anonymous said...

Wolfe is the one who needs to go to church. Just hope he doesn't solicit any more church members for money.

Anonymous said...

Wolfe lost his credentials, no esteemed father-in-law to endorse him.

Anonymous said...

We must feel sorry for all of thise who were scammed.

Anonymous said...

To bad you all got suckered.

anoy said...

love to know where he's tending bar. Would just love to see him.

Anonymous said...

So what is going on with this case now?

Anonymous said...

Rumor is that Wolfe works for a rep group in the foodservice industry. Looks like he is doing fine. Thank the lord for daddy's connections....


Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel

Archives

Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).


Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.


Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS
.