Peoploungers chief sentenced in fraud scheme
by Associated Press
Published: November 4,2010
Tags: Jimmy Green
TUPELO — Peoploungers’ disgraced former chief Jimmy Green has been sentenced to 51 months in prison on charges of bank fraud, mail fraud and money laundering.
The Northeast Mississippi Daily Journal reports that Green, who pleaded guilty in April, also was ordered by U.S. District Judge Michael Mills to pay $6.15 million in restitution.
Prosecutors say Green defrauded eight banks in Mississippi and Alabama.
The charges were not related to business dealings involving the Nettleton-based Peoploungers, but the upholster furniture manufacturing company filed for Chapter 11 bankruptcy protection in 2007.
Green was accused of misrepresenting his financial information to several banks to secure loans for his personal use.
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