Issue: J.V. Huffman Jr., 45, of Claremont, was indicted by a grand jury on 14 counts of felony security fraud, 14 counts of obtaining property by false pretense and one count of possession of a dangerous weapon by a prisoner.
Background: 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. According to U.S. Securities and Exchange Commission documents, up to 500 people invested $25 million with his company, Biltmore Financial Group Inc., beginning in 1991 and ending Nov. 7, 2008, with his arrest. He's in jail under a $2,003,000 secured bond.
While Huffman's been in jail a receiver, appointed by the court, is investigating Huffman's assets. Thus far, he has uncovered more than $4 million in assets, including 14 properties, 10 vehicles, a boat, artwork, jewelry, cash and more.
Many of those assets were sold at an auction in August, which netted $1,026,830.95.
What's new: Huffman was scheduled to appear in court Monday. His case was not called to trial, and was held open, according to the district attorney's office. This means the case is still on the superior court docket for this week.
The victims who were present in the courtroom Monday morning met with a representative from the district attorney's office.
What's next: The case is expected to be called this week for further court proceedings to be addressed.
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