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NEW DETAILS: Alleged Ponzi Scheme Case Back in Court

197 views · Published 4 January 2013 · 2:07 · Indexed 14 November 2026

Channel: WTVC NewsChannel 9 · 2013 · News & Politics

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By Jerry Askin  The case of a Soddy Daisy man accused of ripping local investors out of nearly 0 million was back in court Thursday morning.No word on whether Jack Brown will have to be�  at future hearings.�  Brown's attorney says Jack Brown is at the hospital. But, many victims are still demanding answers. We've done a lot of work on trying to find assets, we've done a lot of work to try to find out who's owed, says trustee Jerry Farinash.And the work continues for Jerry Farinash. He says the question now is what happened to all the money?Jerry Farinash is the interim trustee in this high profile case involving Jack Brown, the owner of Brown's tax service....the same guy hundreds of local investors say stole their money. It's why Farinash has taken action.Recently a judge approved a motion to hire Michael Costello, a certified accountant qualified to sell Brown's Tax Service.Trying to buy that asset so we can generate money to hopefully one day be able to payback people who had their money taken from them, says Farinash.Thursday, we spoke to Brown's attorney shortly after a motion was continued for 3 weeks to excuse Jack Brown from testimony -- all based on his health conditions.�  My concern is because of his health condition that he not be subjected to hours of testimony when all he's going to do is take the 5th amendment, says Thomas Ray, Jack Brown's attorney.But, we spoke by phone to a woman who says she lost thousands of dollars after investing with Jack Brown.�  She says the only thing victims want to hear is an apology, then a day and time they'll get their money back.He knew very well what he was doing and he needs to be man enough to admit what he has done, says alleged Ponzi scheme victim who didn't want to be identified.There's a hearing on Tuesday in bankruptcy court for creditors.�  They'll speak to Jack Brown and broadcast it from his hospital bed.�

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