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Sentenced to 10 years, man serves five days

GREENVILLE (AP) — A former investment firm manager sentenced to 10 years in prison has been released on probation after serving five days behind bars.

The Greenville News reported that 60-year-old Arthur Field was released Wednesday.

Circuit Judge Cordell Maddox had sentenced Field to 10 years in prison last week. Maddox pleaded guilty in May to 11 counts of securities fraud, two counts of conspiracy and one count of forgery.

Maddox originally had said that Fields could be released after about two years in prison.

The manager of Capital Investment Funding five years ago began dissolving his Upstate investment firm and would not guarantee the return of $38 million owed to more than 600 noteholders

The attorney general earlier this week asked the court to reconsider Field’s sentence, which included credit for 15 months of pretrial home confinement.

Field’s referred questions to his attorney, Todd Rutherford, who said the revised sentence is normal for those who cooperate with prosecutors.

Probation, Parole and Pardon Services spokesman Pete O’Boyle said, “We will supervise his probation as specified by the court and our standard procedures.”

Maddox also ordered Field must pay $2.8 million in restitution. O’Boyle said the department will oversee collection of the money.

A spokesman said Attorney General Alan Wilson would not talk about the case.

 

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