The former deputy director of a Tennessee economic development agency faces up to 40 years in prison and a fine of up to $1 million after pleading guilty to one count of bank fraud in a scheme that promised to build an independent living facility for seniors, according to the Crossville Chronicle.
Larry Gene Webb said that he and his co-defendant, former Upper Cumberland Development District Executive Director Wendy Askins, obtained a $730,000 loan for the proposed facility using fraudulent documents, according to the media report. Some of the funds were used to build a personal residence for Askins, according to the media outlet.
Webb is scheduled to be sentenced Nov. 24. Askins’ trial is set for Sept. 22.
