Sterling wants parole in Carolina Investors case

COLUMBIA, S.C. (AP) -- The former chairman of Carolina Investors is seeking parole.

Jack Sterling is scheduled to appear Wednesday before the South Carolina Parole and Pardons Board. The 75-year-old executive started serving his five-year sentence for securities fraud last April.

Sterling was convicted in 2009 of his role in the collapse of Carolina Investors. Sterling was chairman of HomeGold Financial Inc., the parent company of Carolina Investors. Six executives of the two companies were convicted after the firms went under.

About 12,000 people lost $275 million in the companies' 2003 collapse, one of the biggest bankruptcies in state history.

Sterling remained free on bail for about three years while he appealed his conviction.

The Correction Department says Sterling is set to be released in September 2014 if he behaves behind bars.