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Another person sentenced in alleged Ponzi scheme

On Behalf of | Mar 6, 2017 | Theft & Property Crimes

Many Tennessee residents have an entrepreneurial spirit that leads them to be involved in a variety of business dealings. Sometimes, these ventures may walk the line between what can be considered smart business practice and unethical and even criminal action. People who are accused of white collar crimes understand how thin this line can actually be.

There are many different types of white collar crimes that involve essentially forms of theft and deception. Embezzlement is one of these things. A Ponzi scheme is another. It is actually a Ponzi scheme that a group of people in Johnson City are accused of having run. One man is said to have led the effort for a full 10 years from 2000 to 2010. He was a competitor in the NASCAR Camping World Truck Series and was sentenced to nine years in federal prison earlier this year.

More recently, a woman who was one of the other defendants in the case was convicted of hiding evidence in the case. The alleged concealment involved wire fraud but few other details are known. The woman will not be required to spend time in prison but will serve a 12-month probation sentence for her role. In all, the endeavor is said to have cheated investors out of $15 million.

People who find themselves accused of serious white collar crimes may want to talk to an attorney. This may offer insight into understanding the charges and the potential penalties that may be experienced. 

Source: WCYB, “UPDATE: Defendant in coal mining Ponzi scheme gets probation,” Dec. 12, 2016

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