Former Tennessee politician sentenced for using COVID-19 funds on Bitcoin
CBS - 11 WJHL (Johnson City, TN)
CHATTANOOGA, Tenn. (WATE) — A Tennessee man has been sentenced to prison and ordered to pay $680,000 after he used COVID-19 relief funds to buy Bitcoin and other cryptocurrencies while serving as the elected County Executive for Rhea County.
George Thacker, 59, pleaded guilty to wire fraud as a part of a plea agreement, according to a release from the United State Department of Justice (DOJ).
He was sentenced to 33 months in prison and ordered to pay $665,600 in restitution plus a $15,000 fine. Thacker will be on a supervised release for three years following his release from prison.
According to court documents, Thacker submitted three fraudulent applications for PPP and EIDL relief funds for a total of $650,000 between May 2020 and February 2021. During this time he was serving as the elected County Executive for Rhea County and he was the owner of Thacker Corporations according to the DOJ.
Thacker used the funds to buy Bitcoin, Ether and other cryptocurrencies as well as fund his personal investment accounts, the DOJ said.
"COVID-19 relief fraud is a serious crime," said United States Attorney Francis M.
Hamilton III. "Mr. Thacker's scheme to defraud exploited a relief program designed to ease the
economic suffering of all American workers and businesses. Today, he is being held
accountable for his actions, and the Court's sentence should demonstrate to any who are tempted to follow in his footsteps that this crime carries with it serious consequences."
The DOJ said the case was prosecuted on behalf of the U.S. by Assistant United States Attorney Kyle Wilson, and this prosecution resulted from an investigation by the United States Secret Service.
More businesses should add health care coverage
Congressional aide for Barry Moore indicted for fraud
Advisor News
- The rise of the ‘gray divorce’ insurance client
- Succession planning: Building the future of your practice
- From loss to security: Supporting widowed clients with life insurance
- Plan now for lower Social Security benefits later
- The conversation almost no advisor is having yet
More Advisor NewsAnnuity News
- Empower Annuity Insurance Company of America Trademark Application for “EMPOWER WHAT’S NEXT” Filed: Empower Annuity Insurance Company of America
- Industry pushes back on linking ‘financial strength’ to annuity illustrations
- Sammons Enterprises & Sammons Financial Group Respond to Reports
- The Manhattan Life Insurance Company Acquires Union Security Life Insurance Company of New York
- Cayman Islands premier to meet with U.S. reinsurance regulators
More Annuity NewsHealth/Employee Benefits News
Life Insurance News
- NAIC SUMMER NATIONAL MEETING HIGHLIGHTS COLLABORATION AND ADVANCES PRIORITIES
- Wildfire smoke, increasing in frequency, has implications for morbidity
- Record IUL sales don’t diminish the need for continued customer engagement
- Benchmark International Successfully Facilitated the Transaction Between National Group Marketing Trust and New Era Life Insurance Companies
- Why the bond market is flexing its muscles, and why everyone needs to care
More Life Insurance News