Peoploungers chief to serve sentence in Ark.
by Associated Press
Published: December 1,2010
Tags: Furniture Industry
TUPELO — Peoploungers’ disgraced former chief Jimmy Green will serve his 51-month prison sentence for fraud and money laundering at an Arkansas federal prison.
WTVA-TV in Tupelo reports Green was ordered on Tuesday to report to the prison in Forrest City, Ark., on Jan. 11.
Green pleaded guilty to bank fraud, mail fraud and money laundering. He also was ordered to pay $6.1 million in restitution.
Prosecutors say Green lied about how much he was worth to get loans from numerous banks and lied that the money was going into Peoploungers. They say Green defrauded eight banks in Mississippi and Alabama.
The charges were not related to business dealings involving the Nettleton-based Peoploungers, but the company filed for bankruptcy protection in 2007.
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