posted March 14, 2008
The former director of the Business Development Center has been charged in connection with the embezzlement of $83,000.
Federal authorities said Angela Glover has agreed to plead guilty to bank fraud.
Ms. Glover had been fired just before Christmas 2006 by the Chamber of Commerce due to "a series of accounting discrepancies."
The matter has been referred to the Chattanooga Police Department for investigation, the Chamber said at the time.
Ms. Glover had headed the BDC at the corner of Manufacturers Road and Cherokee Boulevard for a number of years. It is the largest business incubator in the state and often has a waiting list.
A federal complaint against Ms. Glover says she would create false invoices for BDC tenants, then deposit them into an account at First Tennessee Bank. She would obtain cash for part of the checks, though it was supposed to be a "deposit-only" account.
The fraud was against the bank, prosecutor John MacCoon said.
She is to plead guilty to a count involving a transaction of Aug. 2, 2006.
She presented a check for $1,461 and kept $1,110 in cash of that amount.
She faces up to 30 years in prison and a fine up to $1 million.
She may be fined and ordered to make restitution to the bank, the plea agreement says.
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