{"id":5597,"date":"2014-08-17T17:39:50","date_gmt":"2014-08-18T00:39:50","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=5597"},"modified":"2014-08-17T19:02:40","modified_gmt":"2014-08-18T02:02:40","slug":"former-ceo-sentenced-14-years-masterminding-18-million-ponzi-scheme","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=5597","title":{"rendered":"Former CEO Sentenced to 14 Years For Masterminding an $18 Million Ponzi Scheme"},"content":{"rendered":"

\"Dept<\/a>TENNESSEE<\/strong> – The former chief executive officer of Hanover Corporation was sentenced Friday to serve 14 years in prison and ordered to pay $14.7 million in restitution for orchestrating an $18 million Ponzi scheme.<\/p>\n

Terry Kretz<\/strong>, 61, of Gallatin, Tennessee, \u00a0offered clients the opportunity to invest in Hanover through promissory notes bearing high interest rates between 2004 and August 2006. Kretz told clients that their money would be used for specific purposes, such as investing in stock options and startup companies.<\/p>\n

Authorities said more than half of the money invested in Hanover went to repay earlier investors, to pay Hanover\u2019s salaries and overhead and to fund personal luxuries, including Kretz\u2019s purchase of a $600,000 residential building lot, a $176,000 contribution to a church, and golf memberships.<\/p>\n

Kretz\u2019 co-conspirators, Daryl Bornstein<\/strong>, a Hanover salesman, and Robert Haley,<\/strong> Hanover\u2019s chief financial officer, \u00a0plead guilty to similar charges and are scheduled to be sentenced on August 25, officials said.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

TENNESSEE – The former chief executive officer of Hanover Corporation was sentenced Friday to serve 14 years in prison and ordered to pay $14.7 million in restitution for orchestrating an $18 million…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[795,77],"class_list":["post-5597","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-hanover-corporation","tag-ponzi-scheme"],"yoast_head":"\nFormer CEO Sentenced to 14 Years For Masterminding an $18 Million Ponzi Scheme<\/title>\n<meta name=\"description\" content=\"TENNESSEE - The former chief executive officer of Hanover Corporation was sentenced Friday to serve 14 years in prison and ordered to pay $14.7 million in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cjnotebook.com\/?p=5597\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former CEO Sentenced to 14 Years For Masterminding an $18 Million Ponzi Scheme\" \/>\n<meta property=\"og:description\" content=\"TENNESSEE - 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