Ex-investment manager out of prison after 5 days

Ex-investment manager out of prison after 5 days

Ex-investment manager out of prison after 5 days

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by Associated Press

WCNC.com

Posted on October 18, 2013 at 1:36 PM

GREENVILLE, S.C. (AP) -- A former investment firm manager sentenced to 10 years in prison has been released on probation after serving five days behind bars. 

The Greenville News reported that 60-year-old Arthur Field was released Wednesday. 

Circuit Judge Cordell Maddox had sentenced Field to 10 years in prison last week.  Maddox pleaded guilty in May to 11 counts of securities fraud, two counts of conspiracy and one count of forgery.   

The manager of Capital Investment Funding five years ago began dissolving his Upstate investment firm and would not guarantee the return of $38 million owed to more than 600 noteholders   

The attorney general earlier this week asked the court to reconsider Field's sentence. 

Field's attorney, Todd Rutherford, says the revised sentence is normal for those who cooperate with prosecutors.
 

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