Finally!

This is the sentencing that so many were waiting for.  I imagine the anticipation preceding this sentencing was due to the fact that so many people dealt with Joyce Allen directly and feel betrayed in such a deep way.

Joyce Allen

I won't post all of the information but I will provide a couple of links for those interested.  The summary is that Joyce Allen was sentenced to 30 years in prison and ordered to pay $20,711,371.72 in restitution.  She was also ordered to pay the same amount in cash - which to be honest is a little of a mystery to me but I'm sure it will all become clear in the near future.

Here's the information available now -

The Chattanoogan

The Daily Times

A Sentencing Update

I've serioiusly NOT kept this blog up to date so I thought I'd take just a moment to at least bring it up to date as far as the legal sentencing events are concerned. Here's a short summary.

The sentencing previously scheduled for Joyce Elaine Allen on January 13, 2015, 10:00 AM was rescheduled by the court. The sentencing hearing for her has been set for February 17, 2015, 10:00 AM at Courtroom 4 - Knoxville, Federal Courthouse, 800 Market St., Suite 130, Knoxville, TN before Judge Thomas Varlan.

Paulynn Wright was sentenced by the Court to serve 4 months, followed by supervised release of 2 years and given a 'special assessment' of $100.00 to pay.

Dona Rector was sentenced by the Court to be placed on probation for 2 years and given a 'special assessment' of $100.00 to pay.

Should I make a comment about the 'justice' thus far meeded out? I don't think it's necessary since I believe all of the victims are feeling the same dismay, hurt, and pain as I feel as I write this blog. Enough said.

Arrests Begin

It looks like things are starting to move along in this.  Especially at the local level which involved our retirement money and a portion of our home equity.  Joyce Allen, the owner of J Allen and Associates in Lousiville, TN, and her former employee Sharon Kay Thomas, have been charged in a multi-count indictment including securities fraud and money laundering. Joyce Allen was our accountant for over thirty years and I many times spoke with Kay Thomas many times on the phone concerning our annuity with Benchmark Captial.  They both made an initial court appearance this week and will be entering their pleas on Monday. 

The indictment states that some clients of the firm (including us) were "deliberately and fraudulently" induced to invest in Benchmark Capital, while Allen knew that the money was never legitimately invested but converted to her own use and to others known by the grand jury.  Needless-to-say, it's sickening to think that while we were working honestly and placing money into the Benchmark Capital annuity in order to to enter retirement soon, J Allen and others living and prospering from our money.  Our thoughts now rest in forgiving those who wronged us and going forward by the grace of God to rebuild as we can.  Our thoughts and prayers to out to those less fortunate.

Read the article at knoxsnews.com .  According to other articles the money laundering involved a series of checks to Benchmark Capital, totaling $1.3 million, deposited by J Allen and Kay Thomas into a bank account that Allen had opened on Candler's instructions. Following Candler's death, the indictment alleges, Thomas, acting on Allen's instructions, withdrew from that account $946,326 in the form of nine cashier's checks. The checks were payable to various individuals, including Thomas, Allen and others including some relatives of the two women.

U.S. Marshals Service photos -
  

Joyce Allen





Kay Thomas



The indictment states that, "The business purpose of Benchmark was to defraud investors by taking their funds in exchange for worthless and nonexistent investments," the indictment states. "One of the purposes of (Allen's firm) was to identify potential investors (from among its clients) then (to defraud them) by selling them investments that Allen knew to be worthless."

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