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HomeGold Exec Ronald Sheppard Sentenced

Wednesday, February 07 2007 05:25

Ronald Sheppard, 49, former HomeGold chief executive, was sentenced to 20 years in prison for his role in defrauding 8,000 investors out of approximately $275 million dollars.

Sheppard was convicted of securities fraud, conspiracy and obtaining property by false pretenses after less than two hours of deliberation by the jury. He faced a maximum sentence of 25 years in prison and fines of over $100,000.

Sheppard is the fifth executive of HomeGold or HomeGold's subsidiary, Carolina Investors, to plead guilty or be convicted.

Sheppard still faces additional charges, including bank fraud and forgery. Those cases are pending.

Sheppard pled not guilty to those charges.

HomeGold's chairman, Jack Sterling, is awaiting trial on charges stemming from a grand jury indictment. He has pleaded not guilty.

5 comments

  • Comment Link salvatore Tuesday, June 24 2008 07:45 posted by salvatore

    I worked for Homegold and they the owners used it for there own enjoyment never funded loans on time always trying to make the extra buck on every deal. hell they had a luxury bus they use to drive around the USA looking at there offices not to mention the jet and such.

    they knew that the writing was on the wall they took the better of the branches and tried to start a new company which also failed.

    they deserve what they get they stole the money and when the time came to payback there investors they tried to hide there mistakes.

    so i say hang em high

  • Comment Link Rick Tuesday, June 12 2007 05:47 posted by Rick

    Anyone who thinks that Ronnie Shepard has been unfairly prosecuted is has no brain !!!! This guy has been a crook from the get-go !There was nothing "innovative" about this guy, he got what he deserved.

  • Comment Link Dave Tuesday, February 27 2007 05:29 posted by Dave

    "I think these people who are getting sentenced to prison for mortgage fraud are being unfairly persecuted. What they did isn’t so bad at all. It’s a sweet way to get money for a house, or several houses. Everybody’s doin’ it!

    It’s not fair that these enterpreneurs are being punished for being fearless risk-takers. Once again, meaningless, dull conformity to a 9-to-5 cubicle job is being rewarded, while the trailblazers of industry are punished. When there are no more trailblzers, what then? Some day society will beg us to return, but we’ll all be in prison for our brave efforts."


    That has to be one of the dumbest statements I have ever read. This guy defrauded 8,000 people out of 275 million but he is a risk taker? He is a trail blazer?

  • Comment Link Johnrey Wednesday, February 07 2007 20:15 posted by Johnrey

    yeah, those who are convicted of fraud like Sheppard will plead not guilty to hide himself from further embarrassment and humiliation. He's used in defrauding others that he is also trying to convince himself that he did not commit the crime despite of the 8,000 complainants and obviously tons of evidence against him.

  • Comment Link Casey Serin Wednesday, February 07 2007 10:34 posted by Casey Serin

    I think these people who are getting sentenced to prison for mortgage fraud are being unfairly persecuted. What they did isn't so bad at all. It's a sweet way to get money for a house, or several houses. Everybody's doin' it!

    It's not fair that these enterpreneurs are being punished for being fearless risk-takers. Once again, meaningless, dull conformity to a 9-to-5 cubicle job is being rewarded, while the trailblazers of industry are punished. When there are no more trailblzers, what then? Some day society will beg us to return, but we'll all be in prison for our brave efforts.

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Rachel Dollar Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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