Breaking News
next news
prev news
published Thursday, November 5th, 2009

2 indicted in Middle Tennessee Ponzi scheme

NASHVILLE — Federal prosecutors in Nashville say two former executives of an investment firm have been indicted in an $18 million Ponzi scheme.

According to a news release Thursday, Terry Fretz, former CEO of Hanover Corp., and Robert Haley, former CFO, were indicted for a scheme perpetrated from approximately January 2004 to August 2006.

Kretz, 56, of Lebanon, Tenn., and Haley, 50, of Gallatin were both charged with one count of conspiracy, one count of securities fraud, one count of wire fraud, four counts of mail fraud and seven counts of money laundering.

According to the indictment, Kretz and Haley misrepresented the finances of Hanover and how client funds would be invested.

Comments do not represent the opinions of the Chattanooga Times Free Press, nor does it review every comment. Profanities, slurs and libelous remarks are prohibited. For more information you can view our Terms & Conditions and/or Ethics policy.
please login to post a comment

videos »         

photos »         

e-edition »

advertisement
advertisement
400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, permissions and privacy policy, Ethics policy - Copyright ©2012, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.