People who are accused of white collar crimes are typically those who are involved in the business world. The nature of their occupations often give them the opportunities or convincing skills to gain access to the fortunes of others. Some are accused of taking advantage of such access, which may lead to fraud, embezzlement or other charges.
Such might have been the case with a 40-year-old resident of White County who is facing charges of money laundering and wire fraud. The Middle Tennessee U.S. Attorney’s Office says the man was the owner of a tractor supply company and a used car dealership. Investigators allege that the man defrauded investors in transactions that started in 2012 and continued until Dec. 2016.
Allegations show that the accused man promised family, friends and others — totaling 50 people — substantial returns on investments into his business. Reportedly, he convinced them of the potential gains that would be brought about by state contracts he had secured with Tennessee and other states for the supply of tractors, mowers and other farm equipment. Investors allegedly gave him $43 million, of which they claim he used $10 million for personal purchases of real estate and vehicles, and it also went toward opening his used car business.
If this man is convicted, the monetary judgment will be at least $10 million, and he may be sent to prison for as long as 20 years. Any resident of Tennessee who is accused of fraud or another white collar crime will likely realize the need for securing the services of an experienced criminal defense attorney. A lawyer will examine the charges and the evidence before devising a defense strategy with the goal of achieving the best possible outcome.
Source: fox17.com, “Gentry Brothers Tractor Supply owner charged in $43 million investment scheme,” July 11, 2017