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

Adam 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....

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