Eric Pelton Buys Brown's Tax Service; Portion Of Earnings To Go To Investors

Tuesday, January 29, 2013

Eric Pelton had the winning bid on Tuesday for Brown's Tax Service in Soddy Daisy that had been operated by a man authorities say carried out a $12 million Ponzi scheme.

Jack E. Brown several months ago closed the tax service that he long operated, and he now is hospitalized in failing health.

Under the deal, Mr. Pelton will pay into the bankruptcy case 31 percent of the revenue he makes over the next four years.

Brown was forced into bankruptcy after a slew of his "investors" came forward saying they were owed large sums of money.

 


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