Friday, December 3, 2021


 Once the money man for many local politicians, a disgraced Porter Bingham faced justice yesterday in federal court as he pleaded guilty to wire fraud.  The former municipal financial advisor ripped off the city of Rolling Fork for $33,000 in a crooked bond deal back in 2015.  His former clients included the city of Jackson, Jackson Public Schools, Hinds County, and Canton public schools.

 The maximum sentence he faces is 20 years in prison and a $250,000 fine. However, he will probably serve less than a year in prison.

The SEC revoked his license several years ago. JJ reported on January 5, 2018:

Rolling Fork was interested in financing infrastructure improvements with bonds.  The city hired Malachi Financial Products of Roswell, Georgia  to be its financial advisor.  Malachi is owned by Porter Bingham.  Mr. Bingham recommended that the city sell bonds to raise $2 million.  However, the bond sale was lowered to $1.1 million due to Rolling Fork's limited borrowing capacity. 

Most aldermen and councilmen lack the financial expertise to understand bond deals and are thus ripe targets for some good ole fashioned plucking. Rolling Fork was no exception as the bond pimps proceeded to loot the bond sale.

Check out the fees* on this bond deal:

Malachi Financial Products: $55,000
Bonwick Capital Partners (Underwriter0: $130,000
Chambers & Gaylor (Bond counsel): $25,000
Mississippi Development Bank: $2,500
Balch & Bingham: (MDB Counsel): $5,000
Allen Woodard (Issuer's Counsel): $10,000
Trustmark (Bond Trustee): $2,500
Jackson Advocate: $150
Spence Flatguard (State bond attorney): $1,000
Munideals, Inc: $1,200
Total: $232,349. 
Percentage of Bond issue: 21%

Rolling Fork has a population of 2,250. The city could have simply obtained a  million dollar loan from the bank. Only the services of a bond counsel and city attorney would have been required.   However, Mr. Bingham and crew talked the town into obtaining a $2 million bond issue through the Mississippi Development Bank.  Going through the development bank meant an underwriter, state bond counsel, issuer's counsel, and other services and thus fees were required.  The more the merrier as everyone got a piece of the pie. Read all about it in this earlier post. 

 The Securities and Exchange Commission sued Malachi and Porter Bingham for fraud and illegally acting as a municipal financial advisor.  The SEC disclosed he never passed the required Series 50 test to become a municipal financial advisor although passage was not required until September 2017.  He also took a kickback from an underwriter he recommended to the town.  The SEC permanently banned Bingham from the municipal bond business.

 Attorney Philip Hearn represents the defendant. 

Kingfish Note:  This little group has been preying upon majority-black governments for years in Mississippi.  Porter Bingham would swoop in as the financial advisor promising all sorts of financial goodies while Tony Stovall (Rice Financial Products and then Bonwick) and Tony Gaylor (as bond counsel) would surf on his coattails into the deal.  Prime examples of this posse's plundering are the 2015 JPS and Canton School District bond deals.  This earlier post is a great example of what they did to those school districts.

Most of the supervisors, school board members, and aldermen lack any financial expertise whatsoever so rely upon these guys for their advice.  The advice means they get cleaned out while everyone gets paaaiiiiid.  Woe be the government that wised up and kicked out these scoundrels.  The Bond Pimp and his crew would get on WMPR on Friday nights to play the Uncle Tom card and trash their opponents for not helping minority businesses. 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...

I am surprised he got an honorable attorney to represent him and not a slimeball like John Reeves.

Anonymous said...

Saddest of all, they can still play the Uncle Tom card and the low IQ voters in many of these areas will defend the thieves because skin color is the only thing matters.

And MSM is complicit because they profit handsomely from the narrative.

Go USA! Equality for all!

Anonymous said...


Anonymous said...

Was he trained by Jesse Jackson and Al Sharpton, the fake reverends?

Anonymous said...

Most minority led administrations would rather be fleeced by incompetent,dishonest blacks than do business with whites. This is the basis for many of the problems in Jackson.

Anonymous said...

Same with Hinds Co. BoS & Election commission. When does boy auditor report something?

My pronouns are up/yours said...

Can someone take an action item to contact Lee O. Sanderlin and alert him that there's a fresh story here at JJ to rip off? Thanks.

Anonymous said...

Most minority led administrations would rather be fleeced by incompetent,dishonest blacks than do business with whites. This is the basis for many of the problems in Jackson.

Let's be clear, misuse of government funds is not a race issue. Shad aint just been arresting black folks. As a matter of fact, the largest criminal investigation over misue of government funds right now is a bunch of non-blacks.... I pretty sure Nancy New and crew aint NAACP members.

Anonymous said...

When he gets paroled he can always buy MetroCenter and sell luxury condominiums overlooking the new Ferris Wheel.

him who smelt it dealt it said...

Phil Bryant was the whistleblower.

Anonymous said...

10:54 It may seem difficult for whites to understand, but black people have great difficulty trusting you. I wonder why? These black elected officials who know little about finances, know a lot about the past and they would rather take a chance on a slick black hustler than to rely on the same people who kicked them in the ass for 300 years. It's sad but true. It will take time.

Anonymous said...

Isn't this old news?

Meanwhile: Who called John Reeves a slimeball? He is the only person protecting Madison from Purple Peacocks, Alligators, Rabbits and Kangaroots.

Anonymous said...

The attorneys at Chambers & Gaylor have over two decades of experience representing individuals in matters involving automobile accidents, truck and eighteen-wheeler accidents, workers compensation and wrongful death.

Anonymous said...

3:44. A perfect description. Actually it denigrates slimeballs.

Anonymous said...

2:36 justifying graft.

Anonymous said...

Sadly, 1:19 is correct.

Anonymous said...

I can say with absolute certainty that Porter Bingham is the the reason that Jackson does not have a convention center hotel and is still strapped with millions in debt.

Anonymous said...

When will sentencing be?

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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).

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.

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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.

Note: Security provided by INS