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| Attorney Gen. to Investigate Investment Company |
| (Columbia-AP) -- South Carolina Attorney
General Henry McMaster says today he is investigating Carolina
Investors Incorporated. The company closed its doors earlier this week and informed customers it has stopped all pay outs on investments. McMaster says there are too many unanswered questions surrounding recent events with Carolina Investors and its parent company Homegold. Larry Owen is the chief executive officer of HomeGold Financial, which offers mortgages including higher-risk refinancing. Since 1995, money put into Carolina Investors was used to support lending operations at HomeGold. Part of the earnings from HomeGold's mortgages were returned to Carolina Investors. Owen says that ended with a phone call a week ago. Owens says HomeGold's representatives basically said they were out of money and that Carolina Investors needed to seek protection through receivership or bankruptcy courts. McMaster wants investors to file complaints and tell his office of their dealings with the Pickens-based company. |