A Brentwood man who convinced a retiree to contribute money to phony investments has been order to pay restitution his victim.
Glenn Verner pled guilty to two counts of theft in Davidson County Criminal Court on March 21. In addition to paying $85,000 in restitution, Verner will also be on probation for six years and must perform 200 hours of community service.
Verner was previously charged for securities violations in 1994 and is not licensed to sell securities in Tennessee. His new plea deal also prohibits him from selling stocks, bonds or other securities and bars him from working in the financial services sector.
Verner sold the victim, a retired state employee, interest in a ranch that he claimed was owned by Elvis Presley in Mississippi, but in which he had no interest. He also sold her interest in an Alabama energy company that he claimed would produce high returns from oil drilling.
The woman invested her life savings and was left destitute.
“It is especially important that the defendant in this case compensate his victim for losses resulting from his crimes,” said Tennessee Attorney General Bob Cooper, whose office investigated and helped prosecute the matter with Davidson County District Attorney Torry Johnson’s office.
“She was left destitute after investing in worthless promissory notes. The bank was about to foreclose on her house, and the electric company was about to terminate her service.”