More Bad News for Clients of Rocky Mount Investor Joe Jones

The C.E.O. of the Charlotte based company where a Rocky Mount investor had been putting his clients' money has served time, after admitting he ripped off other investors. Rocky Mount broker Joe Jones is under investigation by state and federal agencies after investing clients money in concert promoter Bab Productions. Hundreds of clients now say they're out hundreds of thousands of dollars.

WITN has learned the C.E.O. of Bab, Bernard Bailey, went to federal prison in 1990 after pleading guilty to 21 counts of federal mail and wires fraud. He admitted to ripping off investors to the tune of $15 million plus in an investment scheme. Bailey has not returned phone calls we made to his office in Charlotte. The Secretary of State's office would only say they are investigating whether there is any connection between Bab and Jones.