Former SC lieutenant governor convicted of securities fraud

[JURIST] A jury found former South Carolina lieutenant governor Earle Morris guilty of 22 counts of securities fraud Thursday. While Morris was chairman of Carolina Investors he told investors to keep their money with the company even though he knew it was going under. Carolina Investors subsequently went through the largest bankruptcy in South Carolina history in 2003, causing more than 8,000 investors to lose more than $278 million. Morris, now 76, will be sentenced Friday and can get up to five years in prison for each count and $1 million in fines. AP has more. The South Carolina Greenville News has extensive local coverage of the bankruptcy and the trial.

 

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