InfoAnda - Final exec faces sentence in SC firm's $275M bust

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Sleepy pilot caused Indian plane crash: reports | 18 November 2010
Myanmar frees democracy icon Suu Kyi | 13 November 2010
New food 'surge' for Haiti: WFP | 6 March 2010

Clinton: US condemns N.Korea sinking of South's ship | 21 May 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Final exec faces sentence in SC firm's $275M bust

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: Final exec faces sentence in SC firm's $275M bust By JEFFREY COLLINS,Associated Press Writer AP - Monday, May 25 GREENVILLE, S.C. - Donald McQuade skipped lobster dinners and long vacations for decades, pouring every dollar he saved into a little South Carolina company that made returns close to 10 percent by loaning to people who couldn't borrow anywhere else. ADVERTISEMENT By the time he turned 75, McQuade was a millionaire. Then, on one horrible day back in the spring of 2003, he realized it was all gone. On Tuesday, a judge will sentence the final executive convicted in the scheme _ the $275 million collapse of Carolina Investors and parent company HomeGold Financial Inc. Former HomeGold Chief Financial Officer Karen Miller faces up to five years in prison. She cooperated with authorities and pleaded guilty to conspiracy nearly four years ago. The other five executives have been sent to prison. "She deserves it, too," McQuade said earlier this month. "They are all crooks who left me with nothing." Miller's lawyer, Ben Hagood, refused to talk about the case before sentencing. The biggest bankruptcy in state history left McQuade, now 82, eligible for food stamps. He didn't have the money to bury his wife, Imogene, when she died a couple of years later. He scraped together $700 for a cremation. The plastic bag with her remains, kept closed with a white twist tie, remains in the same plain black case. He usually tucks it into the nightstand by his bed in his daughter's home. There are thousands like McQuade sprinkled across northern South Carolina, where mill employees, Clemson University professors and small businessmen sunk their life savings and retirement money into Carolina Investors. In all, 8,000 individuals and groups invested with the company. The losses are dwarfed by the $2.4 billion swindled by Wall Street financier Bernard Madoff, but some of the same tactics were used. Like Madoff's investors, a number of those fleeced in South Carolina knew the people taking their money. McQuade, for instance, became good friends with company executives. Carolina Investors cranked out returns of 8.5 percent in the good years, when officials made sure people getting loans had enough collateral. But by the late 1990s, the company was taken over by HomeGold, which used the money to make high-risk mortgage loans to people who didn't have the collateral to pay for them. It wasn't long before the operation came tumbling down, evaporating college funds and thrusting retirees into poverty. The prison sentences for the executives ranged from 90 days for former Carolina Investors Vice President Anne Owen to 20 years for ex-HomeGold CEO Ronald Sheppard. HomeGold Chairman Jack Sterling is out on bond appealing his five-year prison sentence. Miller pleaded guilty to conspiracy in September 2005. Prosecutors don't plan to give a sentencing recommendation to Circuit Judge Edward Cottingham. There is no minimum sentence, but when he sentenced Sterling, Cottingham said investors deserve to know anyone convicted will spend time behind bars. That sounds good to Gene Gregory. The 75-year-old restaurant owner from Union lost his entire $1.4 million savings in the collapse, just months before retirement. He still works almost every day. He drove more than three hours to see his granddaughter graduate from medical school in Charleston earlier this month, but returned to his restaurant that afternoon and worked until 3 a.m. "I'm just as angry now as I was back then," Gregory said. "Probably worse because every day I've thought about it." McQuade, who made his money selling real estate after more than 20 years in the military, speaks stoically about what happened to his fortune _ except when he talks about the vacations he missed out on as he saved. "I thought, 'Well, I won't do that and I will have all this dough when I get older so we can do it all when we have nothing but time,'" he said, his voice quavering as he rested a hand on his wife's ashes. "So that's a big thing. Unfortunately for me, I remember those times. I remember things where we almost went some place and I figured, 'Geez, that's a lot of money to spend for two weeks or one week.' And of course, whoosh," McQuade said. "Gone." Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: World 30 hurt in clash at Sikh temple in AustriaAFP - Monday, May 25 UK-World SummaryReuters - Monday, May 25 Darfur rebels seize town from Sudan troops: UNAFP - Monday, May 25 Iran summit vows to fight drugs, extremismAFP - Monday, May 25 Darfur fighters take Sudan army baseReuters - Monday, May 25 Most Popular – World Viewed Obama signs credit card reforms Smokers duped by light cigarettes: US court Vitamin D boosts brain power in middle-aged men Popular cereal is a drug, US food watchdog says Health chiefs warn against 'sneaky' flu virus View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Monday, 25 May 2009
British royal chauffeur suspended over security breach
Iran summit vows to fight drugs, extremism
Britain's Button wins Monaco Grand Prix
North Korea conducts nuclear test, faces more isolation | International |
Ecuador president nixes EU free trade deal
Darfur fighters take Sudan army base
World Bank chief warns about economic crisis
Iran says foreign troops no help to region's security | International |
British MPs claimed expenses for family hire: report
US military: Iraq attacks down nearly 60 percent
Sri Lanka's Tigers acknowledge leader's death | International |
GM, Chrysler face decisive week as deadlines loom
Israel to keep expanding settlements: Netanyahu
Myanmar says Thai meddling over Suu Kyi trial | International |
Facebook block ahead of Iran vote hampers youth
Gender issues worsen Iraq's medical woes
Hezbollah rejects report linking it to Hariri death
Darfur fighters take Sudan army base: peacekeepers | International |
Japan panel wants first strikes against enemies: report | International |
Iran hosts high-profile summit on drugs, extremism
Netanyahu: We'll build in existing settlements
Preacher dies after Sikh temple attack in Vienna | International |
US House Speaker Pelosi in China for climate talks
South Korea plans public funeral for ex-leader Roh | International |
Afghanistan's Karzai in Iran for terror, drugs summit
Gore, others urge CEOs to back climate change deal
Suicide car bomber kills 7 in Somalia, residents flee | International |
Netanyahu defies Obama on Israeli settlement freeze | International |
Heavy rains trigger flood alert in southern China
Sri Lanka pledges more democracy in Tamil zone
Indie filmmakers in Cannes still dreaming of 3-D | Technology |
Asian, European ministers to meet in Hanoi
Police chase ends with river rescue in upstate NY
Tigers admit leader dead; UN presses Sri Lanka over access
Australian flood waters create 'inland sea'
Search focuses on Calif., Mexico for mom, sick son
Australia stops boat of suspected asylum seekers
Terrorism arrests: snitch, sting, then controversy
Suu Kyi lawyers prepare defence in Myanmar trial
Bondsmen upset by policies that free more people
Japan to relax arms export ban: report
Ex-con's magazine focuses on advocacy, prison life
Democrats win Mongolia presidential poll: reports
Top U.S. military officer pushes Guantanamo closing
S.Korea bonds gain ahead of MSB auctions, maturity
Border Patrol chooses Canaan for new station
2 killed, 6 hurt in Ariz graduation party shooting
Seoul shares fall; ex-president's death weighs
China investors make deal for stake in NBA Cavaliers
Final exec faces sentence in SC firm's $275M bust
China's Hainan Airlines posts annual loss
Recession weighs heavily on aid to poor countries
Police: Officer kills Ohio man who took hostage
US, China set to grapple with economic concerns
Chinese traders leave as Kyrgyzstan closes markets
Danish 'Antichrist' provides Cannes' annual scandal
Porcupine, python strut catwalk for Russian zoo
YouTube star Susan Boyle through to talent show final
Cannes-winner Haneke probes dark secrets of bourgeois life
Gainsbourg crowned in Cannes for 'Antichrist' shocker
Haneke's chilling White Ribbon wins in Cannes | Entertainment |
'Night at the Museum' comes to life to claim top spot
Coco Chanel film brings curtain down in Cannes | Entertainment |
'White Ribbon' village drama ties up top prize at Cannes
Museum comedy beats Terminator at box office | Entertainment |
French 'Prophet' takes Cannes Grand Prix
Internet star Susan Boyle stuns again with Memory | Entertainment |
Haneke's 'White Ribbon' takes top prize at Cannes
Cannes Film Festival prize winners
Indie filmmakers in Cannes still dreaming of 3-D | Entertainment |
Theatre fans up in arms over Marcel Marceau auction | Entertainment |
Italian showman Benigni brings Dante to America | Entertainment |
ETA warns of new strategy for independence
Facebook block ahead of Iran vote hampers youth
Pakistani soldiers battle Taliban in Swat town | International |
Iran's Ahmadinejad rejects Western nuclear proposal | International |
Myanmar opens trial again, Suu Kyi may take stand | International |
Riots in India after Austrian Sikh killing | International |
Karadzic files motion detailing immunity deal | International |
Muslim nations link better ties with Israel to peace | International |
Afghan floods kill 94, make thousands homeless | International |
Atlantis lands after successful Hubble fix
Nokia starts roll-out of Apple App Store rival | Technology |
Craps player sets record at NJ casino
Iranian moderate candidate criticizes Facebook ban | Technology |
Congress to Obama: Gitmo plan before Gitmo money
YouTube star who witnessed shooting comes clean | Technology |
Bride is on board after Grand Central proposal
Correction: Giuliani-Harassment Arrest story
Man killed in NJ boating accident died of drowning
New Yorkers prepare for car-free Times Square
Deadly Indian riots after Sikh shooting in Austria
Huge lobster roll to be colossal creation
Police foil bomb attack at Philippine port
Vegas casinos try bargains to lure back visitors
Korea Hot Stocks
Kenya to enact laws regulating mobile phone banking | Technology |
Tamil Tigers admit leader is dead
China's herders plea for help as wolf packs return
Myanmar looms over foreign ministers' meeting
American diver missing off Malaysia
Thousands mourn former SKorea leader
Myanmar rejects ASEAN statement on Suu Kyi
Guru dies after Austrian temple clash: police
Kumble heroics not enough as Deccan win IPL
Popular film wins Cannes, but Antichrist lingers | Entertainment |
Museum comedy beats Terminator at box office | Entertainment |
Internet star Susan Boyle stuns again with Memory | Entertainment |
Small Explosion Damages New York City Starbucks; Residents Evacuated
San Diego Brush Fire Believed To Be Caused By Human Activity
First African-American To Lead NASA
Pelosi Leads Climate Change Delegation To China
U.S. Soldiers With H1N1 Flu Leave Kuwait
Obama Visits Tomb Of Unknown Soldier As Nation Marks Memorial Day
Ohio Man Who Believed Neighbor Kidnapped Parents Goes On Shooting Rampage; Shot Dead By Police
North Korea Conducts Second Nuclear Test; Ignites Tensions In Peninsula, Washington
Kim Jong Il, Obama Express Condolences After South Korean Leader's Suicide
Herbert York, Physicist Who Helped Develop Atomic Bomb And Later Advocated Arms Control, Dead At 87
Raise a glass to Hangover | Entertainment |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01