A White County, Tennessee man is charged with wire fraud and money laundering after duping $10 million from investors in a $43 million tractor supply investment scheme.
According to the Fox 17 Nashville, Jeffery Lynn Gentry, who owned and operated Gentry Brothers Tractor Supply and Gentry Auto in Sparta, told investors from 2012 to December 2016 he was winning state contracts in Tennessee and other states to provide farm equipment such as tractors and mowers. Fifty people fell victim and with the $10 million, Gentry used the money to buy real estate, vehicles, and open a used car lot called Gentry Auto.
A civil lawsuit was filed in January by Gentry’s brother Donald, who accused him of running a Ponzi-type scheme, using the money from new investors to pay dividends to old investors. In January 2012, the brothers dissolved Gentry Bros. Tractor Supply LLC and Jeffery was to take on all responsibility for debts. In the suit, Donald said that wasn’t the case and at least one creditor has gone to Donald for payment.
If convicted, Gentry faces up to 20 years in prison and a monetary judgement of at least $10 million.