Bankruptcy Trustee Selling Jack Brown Tax Service

  • Tuesday, December 11, 2012

Bankruptcy Trustee Jerry Farinash is taking steps to sell the tax service of Soddy Daisy tax preparer Jack E. Brown in the case in which a host of investors saying they are missing several million dollars.

Brown, who is said to be in poor health, was forced into involuntary bankruptcy after numerous of his clients said they gave him large sums of money to be invested at promised high yields, then the payoffs stopped coming.

Trustee Farinash is asking Chattanooga Bankruptcy Judge John Cook to approve the hiring of Mike Costello of Decosimo and Company to handle the sale of the bookkeeping firm, which closed recently.

He said he believes more value will be received by a private sale rather than a public auction of the firm.

Accountant Costello is to receive 15 percent of the sale amount.

Creditors in the case are set for a meeting in the basement of Chattanooga Bankruptcy Court on Jan. 8 at 9 a.m.  

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