By Brain Lazenby
Staff Writer
A federal jury of eight women and four men deliberated about six hours today before deciding to return Friday to continue determining the fate of a McMinnville, Tenn., real estate appraiser accused of inflating the value of property owned by state Sen. Jerry Cooper.
James B. Jimmy Passons, 61, is charged with bank fraud, mail fraud and conspiracy to commit bank and mail fraud for falsely valuing a lumber mill the lawmaker was attempting to sell as if it contained a railroad spur.
Testimony at trial indicated that the appraisal was used to obtain a $1.7 million loan from BankTennessee in Collierville, Tenn., where Lt. Gov. John Wilder is a member of the banks holding company.
Sen. Cooper, D-Smartt, also helped Anthony Auyer, a Huntsville, Ala., businessman who had agreed to purchase the 13.6-acre property from the senator, obtain a $292,000 grant from the Tennessee Department of Economic and Community development to install a railroad spur and a $485,000 loan to purchase equipment, according to testimony.
Mr. Auyer and his wife, Theresa Rikard Auyer, pleaded guilty on Monday to fraud and money laundering charges and are scheduled to be sentenced in July.
E-mail Brian Lazenby at blazenby@timesfreepress.com
See tomorrows Chattanooga Times Free Press for full coverage.
Staff Writer
A federal jury of eight women and four men deliberated about six hours today before deciding to return Friday to continue determining the fate of a McMinnville, Tenn., real estate appraiser accused of inflating the value of property owned by state Sen. Jerry Cooper.
James B. Jimmy Passons, 61, is charged with bank fraud, mail fraud and conspiracy to commit bank and mail fraud for falsely valuing a lumber mill the lawmaker was attempting to sell as if it contained a railroad spur.
Testimony at trial indicated that the appraisal was used to obtain a $1.7 million loan from BankTennessee in Collierville, Tenn., where Lt. Gov. John Wilder is a member of the banks holding company.
Sen. Cooper, D-Smartt, also helped Anthony Auyer, a Huntsville, Ala., businessman who had agreed to purchase the 13.6-acre property from the senator, obtain a $292,000 grant from the Tennessee Department of Economic and Community development to install a railroad spur and a $485,000 loan to purchase equipment, according to testimony.
Mr. Auyer and his wife, Theresa Rikard Auyer, pleaded guilty on Monday to fraud and money laundering charges and are scheduled to be sentenced in July.
E-mail Brian Lazenby at blazenby@timesfreepress.com
See tomorrows Chattanooga Times Free Press for full coverage.
