Fmr. County Commissioner Charged With Scamming Investors
NASHVILLE, Tenn.- Federal prosecutors have charged former state official Edward Polen with scamming 74 individual investors and banks out of more than $8.7 million.
The charges against Polen include bank fraud, mail fraud, wire fraud, and money laundering. Investigators said he used three different scams to get cash from his victims. All of them involved buying and reselling equipment or materials.
In one case a victim handed over nearly $250,000 to Polen in exchange for an investment in farm equipment he never received. Police said Polen never invested the money. He used most of it to pay off tax debts he owed.
Polen was also the subject of several civil lawsuits, with people claiming to be victims of an alleged Ponzi scheme.
Polen, who is also a former Robertson County Commissioner was appointed by former Governor Phil Bredesen to the state's Collection Service Board in 2008.