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A White County man will spend 36 months in prison for wire fraud and money laundering charges.
United States District Court Judge Judge Aleta Trauger handed down the sentence to Jeff Gentry Monday morning. Gentry’s sentencing also requires him to serve three years of supervised release and to pay more than $10.4 million in restitution.
Federal authorities charged Gentry in July of 2017 with operating a $43 million investment scheme in which he bilked investors out of some $10 million. Gentry pleaded guilty to the charges in August of 2017.
Gentry owned and operated Gentry Brothers Tractor Supply and Gentry Auto. Investigators said Gentry devised and executive a scheme to defraud and obtain money and property from investors, promising high rates of return on investments, purportedly used to purchase farm-related equipment to satisfy state contracts and producing significant profits.
Gentry falsely represented to investors, including customers, friends, acquaintances, and family members, many of whom lived in White County, Tennessee, that he was bidding on and winning contracts from various states, including Tennessee, to supply equipment, including tractors, lawn mowers, and other farm-related equipment through his tractor supply company.
Through this scheme, Gentry convinced more than 50 individuals to invest funds totaling approximately $43 million and caused financial loss to investors of more than $10 million.
Despite his assurances to investors of significant returns, Gentry admitted that he never intended to invest the funds as promised but instead, used the money to subsidize his lifestyle, amassing assets worth a substantial amount of money, including numerous tracts of real estate and vehicles.
During this investigation, the Asset Forfeiture Unit of the U.S. Attorney’s Office and the U.S. Marshals’ Service seized the assets of Gentry, including his businesses, vehicles, farm equipment and livestock, houses, tracts of land and approximately $300,000 cash. These assets were liquidated on August 26, 2017, by the U.S. Marshals’ Service at an auction in Sparta, Tennessee. This auction and other liquidation proceedings generated more than $1.3 million for victim restoration.
