Former Chattanooga businessman John J. Woods on Thursday pleaded guilty to one felony count of wire fraud, even as his attorney and a federal prosecutor sparred in court over whether he conducted a Ponzi scheme.
Former Chattanooga businessman John J. Woods was charged with one felony count of wire fraud stemming from an alleged Ponzi scheme in which federal regulators accused him of bilking investors.
Shares of five area shopping centers and a vacant tract of land, which were engulfed in an alleged Ponzi scheme by former Chattanooga Lookouts co-owner John J. Woods, may be sold for $2.7 million.
Former Chattanooga Lookouts investor s attorney assails SEC s Ponzi scheme complaint insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.