Albert Powell, the Finance Manager for Ducktown Dodge, was sentenced in federal court last week for his role in a scheme to defraud financial institutions. Powell was released on time served and is to be on probation for one year, plus a $2,000 fine and $100 special assessment. He is not to be employed in a position of trust, enter into any contracts or incur new credit charges.

In a plea agreement filed last year, Powell acknowledged a scheme to defraud Capitol One Bank and CitiFinancial by presenting false documents to help customers obtain loans for which they were not credit worthy.

Baron Mayes, a loan officer at Sun Trust Bank in Knoxville, was sentenced in U.S. District Court in March to 24 months imprisonment followed by 3 years of supervised release, $100 special assessment and $131,813.72 restitution to Sun Trust.

The car dealership abruptly closed its doors in July 2006 after Bank of America called in its $4.6 million loan. The dealership had been indicted by a Polk County Grand Jury earlier in the year but those forgery charges were abated after the corporation ceased to exist. All assets were seized by Bank of America. The FBI confiscated the dealership’s financial records. Several civil cases were filed in Circuit Court last year claiming loan fraud and “bait and switch” advertising tactics.