Memphis, TN - The former Chief Accounting Officer for a Memphis business conglomerate has pleaded guilty to mail fraud. Lawrence J. Laurenzi, Acting U.S. Attorney for the Western District of Tennessee, announced the guilty plea today.
According to the criminal information filed by the United States Attorney’s Office, Jim Tyson Jenkins, 46, also known as Ty Jenkins, was the Chief Accounting Officer for Blake Enterprises, LLC, a local business conglomerate affiliated with several other businesses including Reliable Finance Company, Inc.
In connection to his guilty plea, Jenkins admitted that between 2011 through March 2017, he defrauded Blake Enterprises and Reliable Finance of approximately $1.1 million by authorizing loans against the cash values of life insurance policies. The policies were issued by Voya Financial and were owned by the Reliable Finance Company retirement plan. In addition to his duties as Chief Accounting Officer, Jenkins was the retirement plan administrator.
According to information presented in court, Jenkins contacted Voya and requested loans against the policies. Voya mailed loan proceeds checks to Reliable. Jenkins deposited the checks to Reliable Finance accounts at First Tennessee Bank or InSouth Bank. Jenkins, who was authorized to transact business on the accounts, thereafter stole the funds by writing checks payable to himself, depositing them to his personal account at Regions Bank and using the funds for his personal benefit.
Jenkins faces a maximum penalty of 20 years’ imprisonment, $250,000 fine and 3 years supervised release. The defendant is scheduled to be sentenced on July 28, 2017, by U.S. District Judge John T. Fowlkes, Jr.
The case was investigated by the United States Postal Inspection Service. Assistant U.S. Attorney Carroll L. Andre III is prosecuting this case on the government’s behalf.
Source: U.S. Department of Justice, Office of the United States Attorneys
