2 Upstate men indicted on securities fraud charges

GREENVILLE, S.C. (AP) - The former manager of an Easley investment firm has been charged with conspiracy, securities fraud and forgery.

The Greenville News reports a state grand jury indictment against Arthur Field was unsealed Thursday. Greenville attorney Fredrick Scott Pfeiffer is also accused of withholding key information from investors.

Prosecutors say the men didn't tell investors officers of Capital Investment's parent company had been removed for improper financial transactions. They're also accused of hiding Field's business interests from investors, his partners and the South Carolina Securities Division.

It wasn't known if Field or Pfeiffer had attorneys.

Prosecutors say Capital Investment's business plan was patterned after that of HomeGold Financial and Carolina Investors Inc. Thousands lost $275 million in the companies' 2003 collapse, and six executives were convicted after the firms went under.

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