Auction aimed at paying back Ponzi scheme victims

From WSMV, “Federal authorities will be auctioning off the assets belonging to a man who pleaded guilty to a $43 million investment scheme. Jeffery Gentry was charged with wire fraud and money laundering last month for allegedly losing more than $10 million of his investors’ money.

According to federal prosecutors, Gentry would promise high rates of return on investments, which he claimed was used to buy farm-related equipment. Instead, prosecutors said he was using the money to support his lifestyle, buying real estate and cars.

Gentry is accused of lying to investors, some of which included friends and family members, that he was winning contracts from several states, including Tennessee.”

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