Gentry’s sentencing postponed again
Posted By Bobby Lee McCulley | April 26, 2018 11:24 am
Last Updated: April 26, 2018 at 11:36 am
According to information released by the United States District Court for the Middle District of Tennessee, a sentencing hearing for a White County man who has plead guilty to wire fraud and money laundering that was scheduled for today, April 26, has been postponed once again.
According to information released by the Criminal Court Clerk with the US District Court in Nashville, the sentencing hearing for Jeffrey Lynn Gentry, of Sparta, has been postponed until May 14, 2018. Information regarding the reasoning behind postponing the sentencing hearing hasn’t been released to The Expositor at this time.
This will be the second rescheduling of Gentry’s sentencing hearing.Previously, Gentry was scheduled to appear in federal court for sentencing on Feb. 5, 2018, but prosecutors with the US Attorneys Office filed a motion for a continuance, which moved the sentencing hearing to today, April 26, 2018.
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 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.
Additional information will be published regarding the cause for rescheduling today’s sentencing hearing for Gentry once it has been released.