NC military school coach charged with fraud

GREENSBORO, N.C. (AP) - A coach at a North Carolina military school who recently bought a $3.9 million home on the South Carolina coast has been charged with securities fraud.

The Securities and Exchange Commission said in a news release Friday that it has charged Stanley Kowalewski of Greensboro with diverting money from two hedge funds for his own use. Among the purchases the SEC cited was a 5,000-square-foot beach house in Pawleys Island.

Kowalewski denied the allegations, telling the News & Record of Greensboro that he will be vindicated and will continue to coach the Oak Ridge Military Academy's boys basketball team.

The SEC obtained a court order Thursday to freeze the assets of SJK Investment Management LLC. Kowalewski is chief executive of the firm. The SEC says the company raised more than $65 million since 2009.

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