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NASHVILLE, TN (WSMV) — A former Brentwood CEO appeared in federal court on Monday after he was captured in Jacksonville, Florida, earlier this month, according to the U.S. Attorney’s Office in Nashville.
Authorities have been searching for George David George, 63, of Franklin, since May 2017 when he disappeared before a scheduled bond revocation hearing.
George was charged with multiple counts of securities fraud, mail fraud, wire fraud and money laundering in connection with a multi-million-dollar investment scheme back in 2015. He was also indicted for failure to appear in 2017.
Court documents say that George represented himself as the founder and CEO of WellCity, Inc., a Brentwood-based company creating a social media platform dedicated to health and wellness.
However, he allegedly solicited millions of dollars in funding for the site by making misrepresentations regarding the revenue and assets of the company, collateral to secure investors’ loans, and the status of a supposed WellCity initial public offering.
In fact, officials say George covered up the fact that his company made very little revue at all and did not have any significant corporate partnerships.
Documents say George allegedly continued to solicit donors, offering “supposed shares” of “stock” in WellCity, even after the Tenn. Dept. of Commerce and Insurance issued a Cease & Desist Order specifically prohibiting him from doing so.
George is now scheduled for trial on Feb. 25 and faces up to 20 years in prison for each fraud count, up to 10 years for each money laundering count, up to 10 years for failure to appear, and a criminal fine of up to $5,000,000.
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