By Patsy R. Brumfield/NEMS Daily Journal
OXFORD – Jimmy Green, the disgraced former Peoploungers furniture chief, was sentenced to 51 months in prison and ordered to pay $6.15 million in restitution to banks today for a multi-million-dollar fraud scheme.
Green, 57, pleaded guilty last April to mail fraud, bank fraud and money laundering. He admitted that his loan scheme ultimately cost eight Northeast Mississippi and Alabama banks more than $5.2 million.
The government claimed it was at least a million dollars more.
Thursday, the former Eagle Scout and church usher stood before Chief U.S. District Judge Michael P. Mills and heard his fate.
“This is the worst day of my life,” he told Mills in the Oxford federal courthouse hearing.
A U.S. Probation Service pre-sentence report to Mills recommended a sentence of 51-63 months.
A few weeks ago, Green’s attorneys objected to those guidelines, saying that before his financial undoing, he lived a life of family and community responsibility.
In the objection, Green said global business pressures brought on millions in debt, sent him and Peoploungers into bankruptcy and pushed him to criminal acts.
He acquired the Nettleton company in 1997, saying it became a “$7.5 million sinkhole.”
He called what he did “robbing Peter to pay Paul” to try to keep his company afloat, but he also blamed the banks for not closely monitoring his financial claims to them.
Contact Patsy R. Brumfield at (662) 678-1596 or email@example.com.