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On the money trail

Receiver checking out tips and rumors regarding cash and assets.

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By Sarah Newell Williamson | Hickory Daily Record

Published: November 21, 2008

CHARLOTTE - J.V. Huffman Jr. may have stashed some cash in an account in the Bahamas or in areas around his homes, an attorney said.

It's a possibility the receiver appointed in the Securities and Exchange Commission versus Biltmore Financial Group Inc. and Huffman is considering after speaking with area investors, said John Langston, an attorney who works with the receiver.

"These are some of the rumors from people in the area, tips we got when we attended the meeting in Catawba County last week," he said. "I don't know if there's any validity to that, we're checking it out."

The receiver established a Web site where investors can check for information relating to what the receiver's been doing. A receiver, who's appointed by the court, takes control of assets and ensures they're protected.

Investors can go to the receiver's Web site, at www.kellampettit.com, and click on the black box in the right corner for updates on Huffman, Langston said.

Huffman is accused of lying to neighbors, family and friends for 17 years, telling them he bought and sold securities, as he took millions of dollars from them to pay for his lavish lifestyle in a Ponzi scheme. Huffman had about 500 people invest $25 million with his company beginning in 1991 and ending Nov. 7 with his arrest. He's in jail under a $1 million secured bond.

According to the information posted on the receiver's Web site, "the receiver is attempting to determine whether any funds have been transferred to the Bahamas, whether the defendants own any real property located outside the state of North Carolina and whether any cash has been buried and secreted in the Huffman's real property."

Huffman and his wife, Gilda, owned a property in Boone, according to the Watauga County Register of Deeds Web site. The condo, in Pine Ridge Condo development, is valued at $224,000.

They also own three properties on Ocean Lakes in Myrtle Beach, S.C. One is worth $128,500, one is worth $140,200 and the third is appraised at $0, according to the Horry County Register of Deeds Web site.

The receiver will locate all of Huffman and Biltmore Financial Group's financial assets, which will take about a month, according to information posted on the receiver's Web site. It will take several months after locating all of the assets to sell them, though.

Other aspects of the receiver's job include managing Huffman's estate, making payments for the maintenance of the properties as necessary, collecting any money owed to Huffman or Biltmore Financial, renewing or canceling any lease agreements Huffman may have been a part of and preparing any tax returns or similar documents for the estate.

The receiver also is working to ensure all of Huffman's and Biltmore Financial's property is properly insured, according to the Web site.