Former financial advisor for Mississippi cities charged with skimming money from small town’s bond deal
Published 7:43 am Saturday, March 23, 2019
Porter Bingham, 57, of Roswell, Georgia, was arrested today in Georgia by the Federal Bureau of Investigation. Bingham is charged in a federal criminal indictment with wire fraud, bank fraud, and money laundering arising from his role as a the Financial Advisor for the City of Rolling Fork, Mississippi, in connection with the issuance of municipal bonds in 2015.
The indictment charges that Bingham fraudulently obtained an additional $33,000 of the bond proceeds to which he was not entitled.
Bingham appeared earlier today before a United States Magistrate Judge in Atlanta, Georgia. He was released on a $15,000 bond and will appear in federal court in Jackson before United States Magistrate Judge Linda Anderson on Monday, April 1, 2019, at 1:30 pm. The case is currently scheduled for trial in Jackson before United States District Judge Tom S. Lee during the May trial term.
The case is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Dave Fulcher.
The public is reminded that an indictment is merely a charge and should not be considered as evidence of guilt. The defendant is presumed innocent unless and until proven guilty in a court of law.
Bingham was CEO of the Malachi Financial Products, a financial services company that worked with and proposed bond refinancing and other financial transactions in cities including Jackson, Canton and Natchez.