According to an emergency court order sought by an attorney for the US
Securities & Exchange Commission (SEC), Stanley Kowalewski was found
to have been holding estate sales to sell off interior home items from
his $1.7 million home in Summerfield, North Carolina. This is despite
securities fraud investigation and a freeze on his assets. Kowalewski was accused earlier
this year of bilking investors out of $8.6 million.
Kowalewski apparently held these estate sales and, according to the SEC
attorney, this resulted in "looting of the house of fixtures, light
fixtures, doors, kitchen cabinets and other items." The total cost
of the items is estimated to be $175,000 at the least, and does not include
replacement costs. Many of these items will need to be replaced before
the home can be sold. Neighbors also report that during these sales, there
were garages full of furniture and other items for sale. Kowalewski has
also apparently failed to continue homeowner's insurance coverage
on the property.
Kowalewski allegedly took $16 million from investors through his SJK Investment
Management and used some of the investors' cash for his own purposes,
including a $3.9 million house in Pawley's Island, South Carolina,
where he has recently moved with his family.
The securities fraud lawyers with Meyer Wilson represent investors nationwide in
stockbroker mediation, arbitration, and litigation.