PICKENS COUNTY—Former HomeGold Chairman Jack Sterling was released from prison on parole last week after serving less than a year of his five year sentence for fraud.
A state parole board panel voted 3-0 to grant Sterling’s parole.
Sterling, now 75, began his five-year sentence in April of 2012 after a jury found him guilty of one count of securities fraud for his part in the financial collapse of HomeGold Carolina Investors—A Pickens County based business— that led to Upstate residents losing a combined $278 million.
Sterling was found not guilty on a second count of securities fraud and a charge of conspiracy.
After Carolina Investors unexpectedly closed its doors in April 2003, more than 12,000 people were impacted. Eighteen cents on the dollar (of the lost $278 million) was later recouped through the companies’ bankruptcy process.
Others sentenced in the case include Carolina Investors chairman, former Lt. Gov. Earle Morris Jr., Larry Owens, Ann Owens; and HomeGold’s Ronald Sheppard.
Sterling was the last of the group convicted.