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VOL. 41 | NO. 32 | Friday, August 11, 2017
Tennessee man pleads guilty in $43m investment scheme
NASHVILLE (AP) — A Tennessee man has pleaded guilty in a $43 million scheme that caused investors to lose $10 million, which he used to buy vehicles and real estate and start a used car lot.
Acting U.S. Attorney Jack Smith announced that 40-year-old Jeffery Lynn Gentry of White County pleaded guilty to wire fraud and money laundering Thursday.
Prosecutors say Gentry owned Gentry Brothers Tractor Supply and Gentry Auto in Sparta.
From 2012 until mid-December 2016, prosecutors say Gentry told people he was winning farm equipment contracts from Tennessee and other states.
A news release says more than 50 people invested $43 million, making them lose $10 million, the minimum amount sought for the victims. His assets will be auctioned off.
Gentry faces up to 40 years in prison upon sentencing.