Sept. 20– Hardin County resident Charles Ray Smith, former owner and operator of Tennessee Materials Corporation, has been indicted for participating in a conspiracy that allegedly defrauded three banks of more than $9 million.
Edward L. Stanton III, U.S. Attorney for the Western District of Tennessee, announced the indictment today.
Tennessee Materials Corporation (TMC) was an establishment that sold construction aggregates, primarily limestone, crushed stone, sand and gravel.
Smith was also said to have owned and operated other businesses, including American Construction; American Cash and Loan; American Coal and Iron; and Louisiana Materials.
According to the indictment, between March 2009 and March 2012, Smith maintained a business checking account at Central Bank in Savannah, for TMC. He had additional bank accounts for TMC at various financial institutions, including First Metro Bank of Florence, Alabama and Wayne County Bank.
Smith is alleged to have conspired with former Central Bank Chief Executive Officer Christopher Brent Jerrolds, 54, of Savannah, to execute a scheme that defrauded Central Bank, Wayne County Bank, and First Metro Bank of more than $9 million.
Jerrolds pleaded guilty to bank fraud in May 2016 for his role in the conspiracy.