Thursday's Internet Edition, August 28, 2008.
petition closer
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Three buoyant companions float down the frigid waters of Spring Creek, perhaps enjoying a game of "Goose, Goose, Duck." |
Publisher A Spencer businessman has been indicted on felony charges alleging he used money from a woman’s estate to keep his business afloat.
Larry Grimm, 67, of Summit Street, Spencer was indicted on six counts of embezzlement by misuse of power of attorney or a fiduciary relationship.
Grimm was one of 17 people indicted by a Roane Grand Jury that met last Tuesday and Wednesday. (See related story).
The charges against Grimm involve the estate of Delcie Ross, a Spencer woman who died in 1998. Grimm served as executor of the woman’s will, and also as administrator of a trust set up to benefit her daughters, Barbara McGrady, who lives in Ohio, and Patricia Craft of Roane County.
Roane Sheriff Todd Cole, who presented the allegations to the grand jury, said the trust was set up to benefit the sisters during their lifetime, with the money going to their children after their death.
“Now there’s virtually nothing left,” according to Cole.
From July to December of 2004, Grimm allegedly took money from the trust and transferred it to Spencer Foodland. Grimm served as president of the grocery store, which later closed.
A new owner has reopened the store under the name Roane County Foodland. Grimm is not affiliated with the new company.
Cole said the first transfer Grimm made out of the trust was on June 19, 2004, when he wrote a check for $70,000 to the store. In exchange, he issued a promissory note from Spencer Foodland to the trust.
Subsequent transfers to the store included two in July of that year that totaled $14,500, another in August for $6,119 and one in November for $18,788.30 The final transfer was in December for $3,400 made payable to Fleet Bank.
The five transfers totaled $112,807.30.
Cole said Grimm had made payments of $3,800 on the promissory notes.
Grimm appeared before Roane Circuit Judge Tom Evans Monday to be arraigned on the charges. He was released after posting $30,000 bond.
Grimm said he could not afford to hire an attorney and asked that a public defender be appointed to represent him.
Evans did not immediately rule on the request. Court officials will determine if Grimm’s Social Security income is counted before a decision is made on whether he meets income guidelines for appointed counsel.
His next court appearance was set for Monday, Feb. 4.
