Gentry sentenced three years for ponzi scheme
by Bobby Lee McCulley | May 14, 2018 1:36 pm
Last Updated: May 14, 2018 at 1:56 pm
Former Sparta businessman Jeffery Lynn Gentry has officially been sentenced to serve three years in federal prison for his involvement in operating a Ponzi scheme that bilked local investors out of millions.
According to documents obtained from the United States Attorneys Office for the Middle District of Tennessee, earlier this morning Gentry was sentenced by US district judge Aleta Trauger to serve 36 months, three years, in Federal prison and will also be placed on three years of supervised release. Additionally, Gentry has been ordered by the court to pay $10.4 million in restitution to the victims.
As previously reported, following an extensive investigation, the United States Government charged Gentry with allegedly being involved in operating a Ponzi scheme that led to the loss of millions of dollars by investors.
On Aug. 10, 2017, Gentry pleaded guilty in a United States Federal District court room to wire fraud and money laundering. Gentry was originally charged, on July 5, 2017, with operating a $43 million investment scheme in which he bilked investors out of more than $10 million. The investigation was originally initiated because of complaints filed with Sparta Police Department.
Gentry was originally scheduled to be sentenced for wire fraud and money laundering on Feb. 5, 2018. However, sentencing had been postponed twice until today, May 14, 2018.