FOR IMMEDIATE RELEASE
2008-267

Washington, D.C., Nov. 12, 2008 — The Securities and Exchange Commission today charged North Carolina resident J.V. Huffman and his company, Biltmore Financial Group, Inc., with securities fraud for conducting a Ponzi scheme where more than $25 million was raised from investors and used primarily to fund Huffman’s lavish lifestyle. The SEC also obtained a court order freezing the assets of Huffman and Biltmore, and appointing a temporary receiver.

http://www.sec.gov/news/press/2008/2008-267.htm