NC investor accused of fraud holds estate sale


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Submitted: Mon, 08/29/2011 - 12:40pm
Updated: Mon, 08/29/2011 - 12:42pm
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SUMMERFIELD, NC (AP) — Neighbors say a North Carolina
hedge-fund manager whose assets were frozen after regulators
accused him of securities fraud has been selling off bits and
pieces of his home’s interior.

The News & Record of Greensboro reported Monday
that a weekend estate sale at the nearly $2
million lakeside home was advertised with a handwritten sign out
front.

Neighbors and a court-appointed receiver are worried that
financial adviser Stanley Kowalewski is raising money by selling
kitchen cabinets, interior doors, light fixtures and other
structural elements.

The house is one of the assets covered by a freeze the
Securities and Exchange Commission placed on Kowalewski as part of
a multi-million dollar lawsuit against him for investment advisory
fraud. The SEC wants him to repay investors nearly $9 million
allegedly misappropriated.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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