Ridgeland man indicted in over $10 million dollar Ponzi scheme - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Ridgeland man indicted in over $10 million dollar Ponzi scheme

JACKSON, MS (Mississippi News Now) -

A Ridgeland man, accused of operating a multi-million dollar investment scheme in Rankin County, has been indicted for bankruptcy fraud. William Marshall Wolfe was arraigned Wednesday in U. S. District Court.

Some of his former investors were in the courtroom and said after years of suffering devastating losses they are finally getting some justice.

Marshall Wolfe had no comment as he left Magistrate Judge Keith Ball's courtroom under a $10,000.00 unsecured bond. The former CEO of Steadivest LLC in Pearl is charged with bankruptcy fraud, accused of bilking his investment firm's clients of millions of dollars.

The 44 year old was arraigned on an indictment charging him with bankruptcy fraud, concealment of assets, false oath and claims and bribery. According to federal prosecutors, Wolfe devised a scheme in which he solicited money from investors for the rehabilitation of real estate, some in south Jackson.

Wolfe promised high returns, but investigators said the Ponzi scheme robbed Steadivest clients of more than $10 million dollars.

"We all know he's guilty," said former Steadivest investor Ray Montgomery, Jr. "What's disappointing is there are not more counts." 

The 38 year old, a real estate investor and businessman, said many in Rankin county were duped by Wolfe, including relatives, church members and the elderly.

"I personally lost around $750,000.00 and that's devastating," added Montgomery. "It's just devastating, and today though, there's justice. So it's a good day. He fleeced many people in the Rankin county area and others in the amount of around $15 million dollars." 

Victims said the company crumbled in 2009, and five years later they were left with nothing. The former head of Steadivest entered a not guilty plea to the scheme to defraud investors.

"All we can say is all we have is an indictment and a trial date," said Wolfe's attorney Clarence Guthrie. "The government owes us a lot of materials on this, and until we do that we've just got to politely decline to comment." 

Wolfe's trial is set for June second.

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