Meeting set for March 10 for victims of Asheville Ponzi schemer

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

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Asheville businessman James W. “Bill” Bailey Jr. recently pleaded guilty to running a Ponzi scheme that took investors for more than $13 million over the last decade. He pleaded guilty to charges of securities fraud, mail fraud and filing false tax returns and could face more than 40 years in federal prison. 

Victims of the fraud want their money back, and they want more answers. Now there’s a meeting set up on March 10 to help them. Here’s the note I received:

Dear Dogontired and Other Victims,

If you are interested in a meeting, please consider attending the upcoming meeting on March 10th. This meeting is for the purpose of educating people about financial fraud and specifically about the Bailey/Southern Financial situation. Also will include attendance by several local attorneys involved in representing and assisting victims of this scam and looking at claims against third parties for the purpose of potentially recouping some of the monetary losses.  

In addition, there will be a CPA and financial advisor present as well to assist victims with their concerns. The details of this meeting are: March 10th at AB Tech’s Enka Campus, Haynes Building, from 5:30 to 8pm. For more information, please pick up this month’s issue of WNC Woman Magazine and see the article on the $13M fraud, at p. 55.

As investors you have legal rights that may be pursued and are worth looking into because the stakes are high.