According to an emergency court order sought by an attorney for the US Securities & Exchange Commission (SEC), Stanley Kowalewski was found to have been holding estate sales to sell off interior home items from his $1.7 million home in Summerfield, North Carolina. This is despite an ongoing securities fraud investigation and a freeze on his assets. Kowalewski was accused earlier this year of bilking investors out of $8.6 million.
Kowalewski apparently held these estate sales and, according to the SEC attorney, this resulted in "looting of the house of fixtures, light fixtures, doors, kitchen cabinets and other items." The total cost of the items is estimated to be $175,000 at the least, and does not include replacement costs. Many of these items will need to be replaced before the home can be sold. Neighbors also report that during these sales, there were garages full of furniture and other items for sale. Kowalewski has also apparently failed to continue homeowner's insurance coverage on the property.
Kowalewski allegedly took $16 million from investors through his SJK Investment Management and used some of the investors' cash for his own purposes, including a $3.9 million house in Pawley's Island, South Carolina, where he has recently moved with his family.
The securities fraud lawyers with Meyer Wilson represent investors nationwide in stockbroker mediation, arbitration, and litigation.