Former Chattanooga businessman John J. Woods, who pleaded guilty last year to a wire fraud charge in a long-running Ponzi scheme, on Thursday was sentenced to seven years and 11 months in prison.
Former Chattanooga businessman John J. Woods on Thursday pleaded guilty to one felony count of wire fraud, even as his attorney and a federal prosecutor sparred in court over whether he conducted a Ponzi scheme.
According to U.S. Attorney Buchanan, the charges and other information presented in court: Woods operated a Ponzi scheme until being shut down by the U.S. Securities and Exchange Commission in