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.
Top Posts & Pages
- Spivey named Under 40 Business Person of the Year by the Mississippi Business Journal
- Bids on reworking Interstate 55 stretch are rejected
- JACK WEATHERLY: Finding a house, defending a neighborhood, finding a voice
- Terminal upgrade on indefinite hold at Jackson International Airport
- JACK WEATHERLY: Economic development in these parts is a ‘family’ business
- Report ranks state schools' performance 51st in the nation
- CFPB wants repay ability at center of new payday loan rules
- Two new casinos like the odds on Mississippi Gulf Coast
- Hosemann to launch crowd funding program