Church treasurer indicted on embezzlement charges

Kim Smith

Thursday, Sept. 23, 1999 | 10:23 a.m.

An investment advisor who also was a First Presbyterian Church treasurer was indicted by a federal grand jury Wednesday for allegedly embezzling $200,000 from the church and swindling about $1 million from his customers.

According to the indictment, Jeffrey L. Boone convinced his customers through lies to invest their money with him and then used at least $860,000 of that money for his own purposes.

Boone had told his customers that the money was to be used to construct shopping centers and casino executive housing, among other things, the indictment says. The name of his firm was CR Consultants.

His customers received returns on their investments, but the money was actually money invested by other customers, the indictment says.

Boone was indicted on a mail fraud charge in connection with the scam because he mailed IRS forms to his customers thus "lulling the investors into a false sense of security," and because he mailed his customers monthly portfolio statements, the indictment says.

Boone never submitted the forms to the IRS.

The $200,000 embezzled from First Presbyterian Church, 1515 W. Charleston Blvd., was deposited into CR Consultants' bank accounts, the indictment says.

Also indicted Wednesday were: Gary Eugene Burt on charges of armed bank robbery and use of a firearm during a crime of violence; Bradford Ames Flack on an armed bank robbery charge; Robert Drysdale on possession with intent to distribute a controlled substance and Billy Don Sherman on possession of a firearm by a convicted felon.

David Lee Crenshaw also was indicted on a charge of possession of a firearm by a convicted felon and on a transfer of a handgun to a juvenile charge. Mark Hendry and Larry Cooper were indicted on conspiracy to manufacture and possess with intent to distribute a controlled substance and possession of a listed chemical.