SC court upholds ex-HomeGold exec conviction - FOX Carolina 21

SC court upholds ex-HomeGold exec conviction

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Supreme Court of South Carolina (File/FOX Carolina) Supreme Court of South Carolina (File/FOX Carolina)

The state Supreme Court has upheld the conviction and five-year prison sentence of a former executive involved in one of the biggest bankruptcies in South Carolina history.

HomeGold Chairman Jack Sterling has been free on bail since a jury found him guilty of securities fraud in 2009.

He was one of six executives who were convicted or pleaded guilty after HomeGold's subsidiary, Carolina Investors, went bankrupt in 2003. More than 8,000 investors suffered a combined loss of about $275 million.

Sterling's attorneys argued that prosecutors never proved their case, saying the former executive didn't know company officials were making false statements to investors.

Sterling's lawyer said Wednesday he is innocent and they will ask the justices to reconsider their decision.

Copyright 2012 The Associated Press. All rights reserved.

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