3 Tennessee Men Plead Guilty In $18 Million Scheme
NASHVILLE, Tenn. (AP) - Two top officers of former Nashville investment firm Hanover Corp. have pleaded guilty to their role in an $18 million ponzi scheme.
U.S. Attorney for the Middle District of Tennessee David Rivera also announced on Friday that one of Hanover's former sales employees also admitted his role in the scheme.
Federal prosecutors said that the men lied and stole at the expense of innocent investors.
Hanover's former CEO, 61-year-old Terry Kretz of Gallatin, pleaded guilty Friday to securities fraud, oney laundering, conspiracy to commit securities fraud, wire fraud and mail fraud. Federal prosecutors also said former Hanover salesman Daryl Bornstein admitted guilt in his role in the scheme, as well as the company's former chief financial officer, Robert Haley.
Sentencing is set for April 2.
(Copyright 2014 by The Associated Press. All Rights Reserved.)
Students in the Academy of Energy and Power at Maplewood are busy getting ready for next week's Project Expo and had the opportunity to show it off some of their projects to Tennessee Congressman Jim Cooper.