Photo: News Record
A private investigator hired to check on an alleged Ponzi schemer found he was holding a number of suspiciously profitable yard sales.Alleged Ponzi schemer Stan Kowalewski still owes investors millions after settling charges with the SEC of misappropriating $8.6 million in investor funds without admitting or denying wrongdoing earlier this year. The SEC had frozen his assets to help investors recoup their funds.
But as of this weekend, he was holding his fourth profitable estate sale, and it appears as though he’s selling as much from his house as physically possible, including all of the doors. There’s also some concern about his starting up investing again.
From the North Carolina News Record:
“I have seen where it looked like they were taking doors out of the house,” said Stellfox. “He (Kowalewski) told me they’d rented a house down in Pawleys Island. I know that he’s looking at a couple business deals down there because he’s tried to get some of the people around here to invest with him.”
Another neighbour called Stellfox’s attention to doors being removed from the house in recent weeks, Stellfox said.”He said, ‘It looks like they’re pulling every door in the house out.’ “
This is concerning for two reasons. One, because it looks like he’s practically gutting the house before the SEC has a chance to sell it and return the profits to his allegedly de-frauded investors. And two, it’s hurting property value for his neighbours, they told the News Record.
The court-appointed receiver working on the SEC’s lawsuit against alleged Ponzi schemer Stan Kowalewski grew suspicious when Kowalewski suddenly cancelled homeowner’s insurance on his $1.7 million home in South Carolina.
So the receiver’s lawyer, David Dantzler, hired a private investigator.
Dantzler reported that the investigator couldn’t get inside Sunday, but he noticed that an exterior screen door and at least one outside light fixture had been removed — leaving a hole and exposed wiring where the base had been.