Executive of Furniture Company pleaded guilty to fraud

James Clifton Green also known as Jimmy pleaded guilty to bank fraud, mail fraud and money laundering on April 16th. Mr. Green from Tupelo, Mississippi was accused of misrepresentation on loan applications that he submitted to various Mississippi banks.

The United States Attorney’s Office that Mr. Green made the misrepresentations in order to continue his scheme of defrauding lenders. The misrepresentations he made were in regard to his personal financial status.

Mr. Green appeared before United States District Court Judge Michael P. Mills along with his attorney Tony Farese. The case did not go to a Grand Jury as Mr. Green answered the information charge.

United States Attorney Paul D. Roberts showed the court that in 2006, Mr. Green used a three hundred thousand dollar loan from Community Bank – North Mississippi to pay other banks to keep his scheme going. He used thirty thousand to pay only the interest on a loan from Bank of New Albany, seventy five thousand to pay off a loan at AmSouth Bank, seventy one thousand to Bank of Vernon only interest payment and eleven thousand to Bancorp South only an interest payment.

The court documents show that Mr. Green defrauded Community Bank by using a personal financial statement that overvalued his assets and did not list all his liabilities that were unsecured personal loans. Mr. Green also obtained loans from Renasant Bank, First Commercial Bank, Merchant and Farmers’ Bank, Cadence Bank, First Tennessee and Trustmark National Bank. He used the funds for his personal use and also to kite loan payments.

The court documents show that Mr. Green who formerly owned PeopLoungers did not include any of his business dealings in with his business at the time.

PeopLoungers, based in Nettleton made upholstery and was started in 1979. The company filed for bankruptcy in May of 2007. The company moved under new management in late 2007 to Mantachie. Mr. Green stayed with the company for a short time as a consultant to the executive team. The company later closed its doors in 2008.

Mr. Green’s sentencing date has not been determined and he has been ordered to maintain or seek employment. He has been restricted to travel only in North Mississippi and to refrain from alcohol use. He was told to participate in a substance abuse counseling program.

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