TDOT getting $500K from consultant in settlement

TDOT getting $500K from consultant in settlement

Posted:

NASHVILLE (AP) - Federal prosecutors say a Middle Tennessee business executive has given up $500,000 in assets after an embezzlement scheme involving money paid by the Tennessee Department of Transportation to acquire rights of way for highway projects.

The settlement with 53-year-old Michael Wayne Young of Fairview, a TDOT consultant and contractor responsible for buying property, was announced by U.S. Attorney Jerry Martin on Monday.

An audit earlier this year found that TDOT paid Young and his company, Capitol Consultants, more than $300,000 for nine parcels of property, but the purchases were never closed and the deeds weren't transferred. Further investigation found another 45 pieces of property where Capitol failed to close the deal.

Prosecutors said Young agreed to a settlement to relinquish bank accounts and real property to the government.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

1306 N. Broadway NE Knoxville,
Tennessee 37917

Telephone: 865.637.NEWS(6397)
Fax: 865.525.4091
Email: newsroom@wate.com

Can’t find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Young Broadcasting of Knoxville, Inc. A Media General Company.