Auction of seized Gentry items yields $1,034,970
by Bobby Lee McCulley | August 31, 2017 6:17 am
More than $1 million was garnered during the Aug. 26 auction of the seized assets from Gentry Bros. Tractor Supply and Gentry Auto that was held by the U.S. Marshals Service in an effort to recoup losses incurred by the victims of a Ponzi scheme.
Hundreds of potential buyers filled the lot of the former Gentry Bros. Tractor Supply, on Millers Point Road, in Sparta, and countless vehicles were parked along Highway 111 near the entrance to the former business.
The U.S. Marshals Service held a live auction to sell tractors, trucks, trailers, farm equipment, and tools in the liquidation of assets seized from Jeffery Gentry. The auction follows Gentry’s guilty plea, on Aug. 10, 2017, in U.S. District Court, in Nashville, for his involvement in a $43 million investment scheme. Gentry pleaded guilty to one count – wire fraud and one count – money laundering before U.S District Judge Aleta Trauger.
Gentry is scheduled to appear before Trauger, on Nov. 27, 2017, for sentencing. If given the maximum plenty, Gentry could face up to 20 years per count in federal prison. Trauger has already ordered Gentry to pay restitution to the victims and fines associated with the charges.
The auction was ordered by the U.S. Attorney General’s Office, in Nashville, as an effort to help recover approximately $10 million that was lost by more than 50 investor-victims.
According to U.S. Deputy Marshal Danny Shelton, over 600 lots of items were sold this past weekend. Gaston and Sheehan Auction Services, of Texas, was in charge of the auction.
“Every item was sold on Saturday,” stated Shelton. “There was a very large crowd. It was by far the largest attendance we have ever had at any one of our auctions.”
The U.S. Marshals Service stated that the final total raised from Saturday’s auction was approximately $1,034,970.
According to the U.S. Marshals Service, there are still several tracts of land and real estate that will be sold at a later date in which a local realtor service will be utilized to sell the seized properties.
The funds collected from the auction and funds that will be collected from the sale of land and real estate properties will go to the U.S Attorney’s Office into a victims’ fund. The victims’ fund will reportedly be divided among the investor-victims of the Gentry Ponzi scheme.
Two civil lawsuits are still pending against Jeffery Gentry and his wife, Wendy Gentry.
– On Jan. 4, 2017, Donald Edward Gentry, of Sparta, filed a civil lawsuit against his brother and sister-in-law, Jeffery L. Gentry and Wendy Gentry. Donald Gentry alleges in the lawsuit that he was “induced” by his brother and sister-in-law to make investments of approximately $300,000, and these investments were allegedly not repaid or returned.
– On Jan. 10, 2017, Scott A. Turney, of Sparta, and Mark Lindsey, of Nevada, also filed a lawsuit against Jeffery L. Gentry and Wendy Gentry. Turney and Lindsey allege that the couple defrauded them in total of $5.4 million. Their lawsuit claims that a Ponzi scheme acquired assets with funds taken as part of the fraudulent scheme.