Former HomeGold Chairman granted Parole

The former chairman of an investment company involved in one of the state’s largest bankruptcies will be released from prison after serving one year for securities fraud. The South Carolina Parole and Pardons Board voted 3-0 on Wednesday to allow 75-year-old Jack Sterling to be released from prison after serving almost one year of a five year sentence. Sterling was convicted in 2009 for his role in the collapse of Carolina Investors.  He was Chairman of HomeGold Financial Inc., the parent company of the Easley-based investment firm. Approximately 12,000 people lost $275 million dollars when the company collapsed in 2003. Under the terms of his parole, Sterling can have nothing to do with the financial industry, and must perform 200 hours of community service.