The Securities and Exchange Commission got a emergency court order against a North Carolina hedge fund manager caught selling off parts of his multi-million dollar home despite a freeze on his assets.
Lawyers for the SEC said they acted after a private investigator caught Stan Kowalewski, a financial advisor from Greensboro, gutting the house of “fixtures, light fixtures, doors, kitchen cabinets and other items” that would take more than $200,000 to fix and replace, according to Greensboro’s local newspaper News & Record.
http://liarcatchers.com/employee_investigations.html
SEC officials also said neighbors told them that they saw Kowalewski selling off some items from his home during “estate sales” this month. The SEC sued Kowalewski, the former CEO of SJK Investment Management, in January, saying he fraudulently diverted about $16 million of investor money, of which $8.4 million either was paid improperly to him or spent wrongly for his benefit.
The agency froze Kowalewski’s assets including the house, which could be sold to recoup some of the losses, the News & Record reported.
