Investigation concludes Gerwing misappropriated $2.1 million

HILTON HEAD ISLAND, SC (WTOC) - Dennis Gerwing, the man named as a person of interest in the disappearance of John and Elizabeth Calvert and former CFO of Club Group, Ltd., is believed to have killed himself on March 11.

Club Group, Ltd., announced an investigation by an independent firm discovered $2.1 million in misappropriated funds from eight of Gerwing's clients. Below is the complete text of the announcement:

Hilton Head Island, SC (Apr 22, 2008) -- Club Group, Ltd. announced here today that the firm of FTI Consulting, Inc. ("FTI") of Baltimore, Md. has completed a thorough, independent accounting investigation of the company's financial records and those of its ten Hilton Head clients.  The investigation shows approximately $2.1 million was misappropriated from eight of its ten clients by the late Dennis Gerwing, the company's former Chief Financial Officer, over a period of approximately four years.