GEORGE E. B. HOLDING

CONTACT: 919/856-4530

FOR IMMEDIATE RELEASE:

WEDNESDAY - September 5, 2007

FORMER PRESIDENT AND CHIEF FINANCIAL OFFICER OF RALEIGH REAL
ESTATE COMPANY SENTENCED TO 30 MONTHS FOR EMBEZZLEMENT

RALEIGH - United States Attorney George E. B. Holding announced that earlier today, Wednesday, September 5, 2007, Senior United States District Judge James C. Fox sentenced CLIFFORD A. CLARK a/k/a “Mickey” Clark to 30 months imprisonment.

CLARK, 55, of Raleigh, N.C., was indicted on federal wire fraud and interstate transportation of stolen property charges in October, 2006, and pled guilty in federal court in April, 2007, to the interstate transportation of stolen property, a felony.

CLARK worked as the President and Chief Financial Officer of Kane Realty Corporation, a Raleigh-based company primarily engaged in the management of shopping centers. While holding these executive positions, and over a period of at least five years, ending in 2002, CLARK embezzled in excess of $1 million from bank accounts maintained by Kane Realty. A significant portion of the embezzled money was held in trust by Kane Realty for the benefit of third-party property owners. CLARK used much of the money he stole for purposes related to a separate business he was involved with, known as Carpet Market.

In investigating a complaint by a property owner, the North Carolina Real Estate Commission uncovered evidence of CLARK’s embezzlement.

“This prosecution and sentence send a strong message. Those who hold positions of trust in our corporations, including executives, will be held to the same standards, and punished for the same crimes, as any other employee.” said United States Attorney George E. B. Holding.

Investigation of the case was conducted by the Federal Bureau of Investigation. Assistant United States Attorney Clay C. Wheeler prosecuted the case for the United States.

News releases are available on the U. S. Attorney’s web page at www.usdoj.gov/usao/nce within 48 hours of release.