Ex-investment firm CEO indicted for fraud, concealing assets
Published: March 27,2014
PEARL — A federal grand jury has indicted the former CEO of a defunct securities firm in Pearl with bankruptcy fraud and concealment of assets.
Prosecutors allege William Marshall Wolfe, as head of MTW Investment Financing LLC, operated a number of smaller firms under the MTW umbrella that sought investors’ money under the guise of putting it toward rehabilitating real estate properties.
The indictment alleges he companies were in bad financial shape and unbeknownst to investors Wolfe “drained the companies of millions of dollars within a short period of time.”
Prosecutors say that, while in the course of filing for Chapter 11 bankruptcy, Wolfe fraudulently transferred property from one of his companies, Steadivest LLC, to another, Investline/TFS Fund LLC.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Twang & Tourism: The Country Music Trail
Top Posts & Pages
- Officials set hunting dates for birds; expands dove season by 20 days
- Brandon man hauls in record 756-pound alligator
- Is cotton looking too good? Farmers facing weaker prices
- Woman found guilty of murder in buttocks injection case
- REVVING UP — Motorcars of Jackson is preparing to open its first-ever showroom on I-55
- FLIPPING OUT — Flipping houses is popular in much of the country, but in Mississippi ...
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- More than a dozen school districts sue state over funding
- MARTIN WILLOUGHBY: Mike Morgan has calmness of mind