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Many shocked Huffman family will receive living expenses

By Sarah Newell Williamson | Hickory Daily Record

Published: November 16, 2008

CLAREMONT - While many residents are still reeling from the loss of their funds to J.V. Huffman Jr.'s allegedly fake investment scheme, they are shocked at the announcement that the Huffman family is receiving $15,000 for one month's living expenses.

For Shelia Ingle and her husband, who invested with Huffman's company, that would be enough for them to get by for several months. For one couple who didn't want to give their name, they said $15,000 would be enough for them to live for a year. This couple doesn't even have money to get prescriptions they need.

Katherine Addleman, regional director for the Securities Exchange Commission's Atlanta regional office, said the amount is to get Huffman's family out of the house and set up elsewhere, and is a negotiated figure.

"The courts often give more than the negotiated amount, so we like to go in first and settle on an amount," Addleman said. "It's in the investors' best interest to allow the living expenses."

After 30 days, the Huffmans can petition for additional funds, if they can prove the funds were not the investors' money, she said.

That may prove difficult when it comes to hiring an attorney. If Huffman cannot prove any of the funds were his and is denied a court-appointed attorney, he may not have enough money to hire his own attorney. Addleman said the SEC has had cases in civil court in which defendants appear without attorneys.

The receiver who's been appointed, Walt Pettit, will establish a Web site in the coming days that will post information about the case, Addleman said. A report also will be filed by Pettit that has his findings on the case, including assets and what they're worth, she said.