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Ex-Thaxton Broker Pleads Guilty To Fraud

Law360 (June 18, 2007, 12:00 AM EDT) -- A former Thaxton Group broker has pled guilty to securities fraud, admitting that he played a role in the massive fraud that helped torpedo the high-risk lender into bankruptcy.

On Friday, James Garrett Jr. was ordered to spend the next eight years in prison, shortly after copping to eight counts of securities fraud, South Carolina Attorney General Henry McMaster said.

South Carolina Circuit Judge Daniel Pieper slapped Garrett with five years probation connected to each of the counts and ordered him to pay more than $75,000...
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