- Associated Press - Wednesday, July 29, 2015

JACKSON, Miss. (AP) - A Ridgeland man has been sentenced to five years in federal prison after pleading guilty to one count of bankruptcy fraud.

U.S. District Judge Carlton Reeves pronounced the sentence Wednesday against 45-year-old William Marshall Wolfe, including three years of supervised release.

Wolfe transferred $1.5 million from one of his companies, Steadivest LLC, to another, just before Steadivest filed for Chapter 11 bankruptcy protection in 2009.

SteadiVest was supposed to take money from investors to purchase houses and rent them out, promising a secure investment with high returns. However, prosecutors have said the company and Wolfe siphoned off new money to pay off mounting debts, running a Ponzi scheme.

Wolfe pleaded guilty to one count of concealment of assets in November. Reeves plans a hearing on repayments to investors in September.

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