J.V. Huffman Jr. will appear in Superior Court on Monday for an administrative hearing.Huffman, 45, of Claremont, was indicted by a grand jury on Dec. 8 on four felony counts of securities fraud and four felony counts of obtaining property by false pretense.
Huffman is accused of lying to neighbors, family and friends for 17 years, telling them he bought and sold securities as he took millions of dollars from them to pay for his lavish lifestyle in a Ponzi scheme.According to U.S. Securities and Exchange Commission documents, about 500 people invested $25 million with his company, Biltmore Financial Group Inc., beginning in 1991 and ending Nov. 7 with his arrest. He is in jail under a $1 million secured bond.
While Huffman's been in jail, a receiver, appointed by the court, is investigating Huffman's assets.Thus far, he has uncovered more than $4 million in assets, including 14 properties, 10 vehicles, a boat, artwork, jewelry, cash and more.
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