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Wednesday, Sept. 11, 2013 04:24 pm

Going south

Jeff Parsons moves to Texas

Jeffrey Parsons, the embattled entrepreneur who made and lost a fortune buying and selling precious metals and other valuables, has moved to Texas, according to a bankruptcy trustee.

In court papers filed today, Charles Covey, a trustee in Parsons’ personal bankruptcy case, accuses the businessman of improperly taking furniture, antique toys and Abraham Lincoln memorabilia worth more than $86,000 with him when he recently moved from Panther Creek to a new home in League City, Texas, near Houston. The law, Covey says in court documents, requires debtors to surrender property to bankruptcy trustees, and Parsons has moved assets with intent to “hinder, delay or defraud a creditor or an officer of the estate.”

Covey also says that Parsons gave more than $66,400 to a son with the intent of hindering, delaying or defrauding a creditor or a bankruptcy trustee. For the same reasons, Covey claims, Parsons gave assets of his company called THR and Associates to his sons, his girlfriend and a company called Uncle Buck’s Trading Post that is run by one of his sons.

Covey’s allegations parallel accusations by Jeffrey Richardson, a second bankruptcy trustee tasked with overseeing THR assets in the company’s bankruptcy case that was filed at the same time as the Parsons personal bankruptcy case. Richardson in June accused Parsons of concealing THR assets and lying under oath in an effort to hide assets from creditors who are owed millions of dollars. Both trustees are asking that Parsons not be discharged from bankruptcy.

Parsons has a long history of business endeavors ranging from selling vegetables to peddling fireworks to setting up vending machines in vacant lots to sell soda and snacks. His most successful venture was THR and Associates, which purchased gold and other precious metals in buying events throughout the nation typically set up in hotels. He also acquired antiques, artwork and other valuables.

During a bankruptcy proceeding last year, Parsons likened THR’s business model to buying $50 bills for less than $50, given that he could quickly and reliably flip precious metal for more than he paid. Still, he and his company ended up in bankruptcy, with customers, employees and vendors going unpaid while the Internal Revenue Service and state of Illinois demanded millions for delinquent taxes.

Michael Logan, Parsons’ bankruptcy attorney, could not be reached for comment.

Contact Bruce Rushton at brushton@illinoistimes.com.

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