Jeffrey Gentry sentencing hearing reset for April 26
by Kim Swindell Wood | February 8, 2018 7:04 am
The sentencing hearing for a White County man who has pleaded guilty to wire fraud and money laundering has been reset for April 26 after at least one other continuance.
According to documentation from the Middle Tennessee District Tennessee Northeastern Division, the sentencing hearing for Jeffrey Lynn Gentry, of Sparta, that had been set for Feb. 5, 2018 was moved to April 26, 2018.
Gentry had allegedly been 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 could face up to 40 years in prison for the wire fraud and money laundering. Also, Gentry will be responsible for monetary fines ranging from $250,000 upward for his wire fraud charge and up to twice the value of the funds involved in his money laundering charge.
The government is also seeking a monetary judgment of at least $10 million to recover losses suffered by the victims in this case.
The following is the motion that was filed in request of a new date for his sentencing hearing.
(1) Gentry pleaded guilty to a criminal information charging one count of wire fraud, in violation of Title 18, United States Code, Section 1343, and one count of money laundering, in violation of Title 18, United States Code, Section 1956. Gentry agreed to a criminal information and pled guilty via plea agreement to wire fraud and money laundering.
(2) Per the plea agreement, Gentry obtained approximately $43 million in fraudulent investments from more than 50 investor-victims. Several investors lost money in the scheme, while several other investors made money in the scheme. This case involves complex restitution and forfeiture issues that will take some time to resolve after the initial Presentence Investigation Report (“PSR”) is disclosed.
(3) The U.S. Probation Office, in preparing the PSR, has requested that the parties move to continue the presently set sentencing hearing so that it may accurately and correctly determine which victims are entitled to restitution. As of this filing, the initial PSR has not been completed and disclosed to the parties.
(4) The defendant has also agreed to the forfeiture of several assets, many of which (primarily real property) remain unliquidated.
(5) Furthermore, due to the number of victims in this case and potential forfeiture and restitution issues, both the government and defense counsel believe the sentencing hearing in this case may take up to half a day.