Jake Butcher Pleads Guilty
Associated Press
KNOXVILLE, Tenn. —
Jake Butcher, whose rise to political and financial heights ended in one of America’s worst bank crashes, pleaded guilty today to 16 counts of bank fraud and 4 counts of income tax evasion.
The Butcher-related bank failures left the Federal Deposit Insurance Corp. holding $699 million in uncollectible loans. The two-time unsuccessful candidate for governor of Tennessee and organizer of the 1982 World’s Fair faces a maximum sentence of 20 years in prison.
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