Fmr. Commissioner Admits To $16M Fraud - NewsChannel5.com | Nashville News, Weather & Sports

Fmr. Commissioner Admits To $16M Fraud

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NASHVILLE, Tenn.- A former mid-state county commissioner has admitted to operating several Ponzi schemes.

Former Robertson County Commissioner Edward Shannon Polen pleaded guilty to charges of bank fraud, mail and wire fraud, and money laundering. Polen admitted that his investment schemes, known as the "John Deere Investment," the "Greenway Investment," and the "Tennessee in Valley Authority Coal Ash Cleanup Investment," were fake and that he never intended to invest any of the funds he received from investors.

"Cases like these are devastating to investors, especially people who invest their life's savings with individuals they trust, only to find that their trust has been misplaced," said United States Attorney Jerry E. Martin. "In this case, a lot of people invested money they couldn't afford to lose, particularly in hard economic times,"

Polen defrauded more than 50 local investors out of about $16 million. He now faces a maximum sentence of 90-years in prison.

Sentencing was scheduled for March 8, 2013.

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