KNOXVILLE, Tenn.
In a major blow to white-collar crime, Joyce Allen, 67, of Louisville, Tenn., was sentenced to serve a total of 360 months in federal prison for her role in a massive wire fraud, mail fraud, and money laundering scheme.
According to court records, Allen was found guilty of charges contained in a March 2014 superseding indictment against Allen and five other individuals associated with Benchmark Capital, Inc. (Benchmark), a Knoxville business owned by Charles D. Candler.
The business purpose of Benchmark was to defraud investors by taking their funds in exchange for worthless and nonexistent investments, and paying a portion of the funds received to earlier investors under the guise of paying dividends, interest and mortgage payments, thereby encouraging new investors to entrust their funds to Benchmark.
Allen was the president of J. Allen and Associates, Inc., based in Louisville, Tenn. Through this business, she induced individuals to pay funds to her in exchange for annuity investments with Benchmark, knowing that these funds would not be placed with Benchmark or any other company for investments, but converted to personal use by Allen and her other co-conspirators.
Allen was ordered to pay $20,711,371.72 in restitution. Forfeiture of the same cash amount was also ordered by the court. Upon her release from prison, she will be under the supervision of U.S. Probation for three years.
The case was investigated by the Internal Revenue Service – Criminal Investigation, U.S. Postal Inspection Service, and Federal Bureau of Investigation. Assistant U.S. Attorneys Frank M. Dale, Jr., and Jennifer Kolman represented the United States at trial.
“We are pleased with this lengthy sentence and the message it sends to others who use or consider using their positions of trust to defraud innocent victims,” said U.S. Attorney Bill Killian.
The U.S. Marshals Service immediately took Allen into custody following the sentencing hearing.
Related Federal Cases
- Mayra Edith Blair, Tax Fraud and Money Laundering, Tennessee 2016 · Tennessee
- Bertha Del Pilar Vargas, Tax Fraud and Money Laundering, Tennessee 2016 · Tennessee
- Luis Carvajal, Tax Fraud and Money Laundering, Tennessee 2016 · Tennessee
- John Allen Morris Jr, Wire Fraud, Tennessee 2017 · North Carolina
- Mark Hazelwood, Conspiracy to Commit Mail and Wire Fraud, Tennessee 2023 · Tennessee
Key Facts
- State: Tennessee
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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