Friday, March 22, 2019

Porter Bingham Indicted

The Justice Department issued the following statement.

Porter Bingham, 57, of Roswell, Georgia, was arrested today in Georgia by the Federal Bureau of Investigation. Bingham is charged in a federal criminal indictment with wire fraud, bank fraud, and money laundering arising from his role as a the Financial Advisor for the City of Rolling Fork, Mississippi, in connection with the issuance of municipal bonds in 2015. The indictment charges that Bingham fraudulently obtained an additional $33,000 of the proceeds of the bond proceeds to which he was not entitled.

Bingham appeared earlier today before a United States Magistrate Judge in Atlanta,Georgia. He was released on a $15,000 bond and will appear in federal court in Jackson before United States Magistrate Judge Linda Anderson on Monday, April 1, 2019, at 1:30 pm.

The casei s currently scheduled for trial in Jackson before United States District Judge Tom S. Lee duringt he May trial term. The case is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Dave Fulcher.

The public is reminded that an indictment is merely a charge and should not be considered as evidence of guilt. The defendant is presumed innocent unless and until proven guilty in a court of law.

Kingfish Note: JJ has covered Bingham's hijinks for many years.

Harvey's time bomb blows up on Antar.
SEC bans Porter Bingham & Malachi.
SEC suspends underwriter on Rolling Fork bonds.
The rape of Rolling Fork.
SEC sues Malachi for Rolling Fork fraud. Says muni advisor was not a muni advisor.
School bonds are...... golden showers.
Malachi & Blackmon gouging Rolling Fork?
Malachi wants half a million dollars to draft budget & review JPS finances.
The suicide of Hinds County, Part II
Malachi "audits" Hinds County finances.
Siemen's Contract & Fees
Hinds County pays Malachi $66,000 for review of Byram-Clinton corridor project.
Hinds County Supes vote to pay Malachi to study budget.
Byram-Clinton corridor project in trouble?
Hinds County rehires Malachi
Major fireworks at Hinds BOS today.
Porter made over half a million dollars on bond swap.
Jackson pays nearly $500,000 to save $1.1 million.
Uh-oh, the Bond Pimp is back.
Jackson's investment advisor finally decides to register.
Jackson paying Financial Advisor $80,000.
Jackson will pay extra $8 million to refinance bonds.
Clarion-Ledger on Convention Center Hotel Deal
More on Hinds County interest rate swaps.


Anonymous said...

Porter ran a bunch of cons on Jackson and I guess he paid out a few bucks for help from within.

Anonymous said...

He and his buddies the Malachi thieves also ripped off Hinds County with a little help from a few supervisors on the Board. Hope this traces back to that.

Cynical Sam said...

The first defendant to squeel gets the deal.

Anonymous said...

@cynicalsam: What makes you think that Porter hasn't already been dimed by someone else who hasn't yet been indicted? (Or whose indictment remains under seal at the moment?)

Anonymous said...

The proposed fees for Malachi financial are the reason that Jackson does not have a convention center hotel.

Anonymous said...

Thank God that Greer, McQuirter and Calhoun kicked Malachi out of Hinds County when they were cleaning up corruption! All the sweetheart deals evaporated!

Anonymous said...

Please elaborate, 7:05.

Anonymous said...

Malachi financial was Mayor Johnson's chosen financial advisor for the City on the convention hotel project when the developer Prime Income Asset Management was ready to move forward. The deal was close to being finalized when increase in fees (that many thought were for no work), blew up the deal. As a result, the City ended up having to take back the property with $6.9 million in HUD debt that has weighed on the City ever since. A complete disaster for the City.

Kingfish said...

Don't forget, the day of the vote, this website got a copy of better bids and published them.

Anonymous said...

The disaster was building the red-ink gulping convention center in the first place. Total unmitigated disaster.

Anonymous said...

Kingfish, are you talking about the JRA vote when the deal was rejected because of the exorbitant Malachi fees which made the project excessively risky while serving a dubious purpose? Or are you talking about better proposals from developers. I don't remember any other developer's who submitted proposals the original RFP. I am familiar with all the proposals that have been submitted over time and it seems likely that Prime was the only developer that has ever been involved with the capability and will to actually build the project.

The City was going to have to provide a 50% guaranty if the income would not cover the bonds which was certainly a risk to the City. But it would have been a far better outcome than where things are today.

Cynical Sam said...

@5:25 PM - that is a plausible scenario.

Aesop said...

The fable of our tough on crime Ms. AG continues. I suppose fraud is not a state crime. Otherwise, surely Mississippi prosecutors would arrest them, right? Nah, that’s just a fable. Guess our AG was too busy playing fiddle for the contributors while the federal ants did the work. Drain the swamp.

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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).

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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.

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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.

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