Thursday, November 21, 2013

Wolfe & Harrington lose Steadivest appeal

The Mississippi Supreme Court ruled against Marshall Wolfe and Jack Harrington. The two sought relief from fines imposed upon them by the Secretary of State for securities Fraud. The state said the pair operated a "ponzi scheme" through a group of affiliated companies.  Don't have time to provide the details of the ruling but here is the ruling.



14 comments:

Anonymous said...

But they may have caught a huge break on the penalties.

Anonymous said...

They may or may not catch a break on the fines, but the poor innocent investors who were defrauded out of millions of dollars and a lifetime of savings are not catching any breaks and are still suffering from what these Ponzi Scheme operators have done. Isn't it ironic that Wolfe and Harrington can spend piles of money on attorneys and could care less about the ones they defrauded?

Anonymous said...

What did L ee paris. Have to do with this scheme

Anonymous said...

So am I to assume no jail time? It's a shame. Wolfe definitely deserves some time behind bars. Maybe Harrington also.

Anonymous said...

Is it possible that Mississippi is a good place to get away with a Ponzi Scheme? Madoff got away with one for years before being caught.

Anonymous said...

The secretary of state, then the chancery court, then the supreme court all looked at the evidence and saw the same thing, then made their decisions. All three saw the same thing----fraud----Ponzi Scheme--- with the conspirators spending lots of money---Investors money.

Anonymous said...

And yet, no one will indict them for criminal actions.

Anonymous said...

The Clarion Ledger State Metro section article this AM reported some of the facts incorrectly, but wrote an article about the Supreme courts decision. Some of the facts were right. Jackson Jambalaya was a step ahead of them on reporting this. These are two slick dudes who may spend more money and appeal to the US Supreme court to buy more time. More lawyers, more money spent on legal fees.

Anonymous said...

How would the state of Mississippi collect the fines?

Anonymous said...

Were one honky a deacon?

Anonymous said...

How do people get away with this stuff?

Anonymous said...

what about mcraney, the attorney who organized and set all of this stuff up? did he not get his hands dirty at all?

Anonymous said...

They get away with it because they are in Mississippi and nobody charges them with a crime. That's how.

Anonymous said...

Shouldn't the title read "Wolfe & Harrington win Steadivest appeal"?
Correct me if I am wrong but in this ruling Wolfe and Harrington are only on the hook for a maximum of $50,000 each rather than the $850,000 and $170,000 they were initially fined. I can not imagine either attorney representing these two characterizing sheltering their clients from $800,000 and $120,000 in fines as a loss!



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