Trustee In Jack Brown Ponzi Case Reaches Agreements With Janet Brown

Friday, January 25, 2013

The trustee for the bankruptcy in which Soddy Daisy tax advisor Jack E. Brown is charged with carrying out a major Ponzi scheme said Thursday he has reached some agreements with Brown's wife, Janet.

Attorney Jerry Farinash told Bankruptcy Judge John Cook that Ms. Brown will not oppose the sale of certain family assets, including Brown's Tax Service.

In return, Ms. Brown will not be required to testify at a hearing that had been set.

Also, he said an upcoming creditors meeting has been postponed.

Trustee Farinash said Janet Brown has agreed to release records of family accounts in Community National Bank and First Volunteer Bank.

The trustee recently filed suit against Janet Brown as well as Jason Brown, son of Jack and Janet Brown, asking the court to order that they not dispose of any assets that might have been obtained from the alleged $12 million Ponzi scheme.

The suit said Ms. Brown was listed as a 25 percent partner in Brown's Tax Service, but it said the operation was primarily run by Jack E. Brown, who is in failing health.   

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