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McLean County Chamber of Commerce | Member To Member News
Jeff Parsons, owner and CEO of J. Parsons and THR & Associates, is pleased to announce the opening of his newest retail store, JP Treasures, located at 1720 Bradford Lane in Normal, IL. 020812
Jeff Parsons bankruptcy sales ...
Jeff Parsons bankruptcy sales raise $2 million from personal assets
Jeff Parsons, founder of THR & Associates, leaves the federal courthouse in Springfield Thursday, July 10, 2014.
Rich Saal/The State Journal-Register
Bankruptcy sales of Jeff Parsons'
personal assets in the last two years raised approximately $2 million toward $20 million in claims allowed, according to a final trustee's report filed this week.
filed for personal and corporate bankruptcy in September 2012, though debt relief was denied in both cases based on trustee allegations of fraud.
A summary of allowed claims showed Parsons
owed $17.2 million to various units of government, including federal, state and local taxes, and $2.3 million to unsecured creditors.
buy-sell-trade company in Springfield in 2010.
The company failed in 2012 in the wake of thousands of claims of bad checks written to sellers as THR
buying shows around the country.
In addition to buy-sell stores and shows, THR
opened J Parsons retail store in the Parkway Pointe shopping center in late 2011.
The store closed within six months.
According to court records, Parsons now lives near Houston, where he works for Premier Estate Sales Network.
Parsons takes the Fifth in ...
Parsons takes the Fifth in Texas tax investigation
THR & Associates founder Jeff Parsons is refusing to answer questions or provide financial records in an IRS investigation of his tax returns, claiming he could incriminate himself in a separate criminal probe.
, who now lives in Texas, filed a motion Tuesday in U.S. District Court in Houston invoking his
Fifth Amendment right against self-incrimination.
also asked that an IRS demand for tax records from 2010, 2011 and 2012 be dismissed.
"I consulted with my attorneys in Springfield, and we've decided we've said enough," Parsons
said by phone Wednesday.
Parsons said he represented himself at the court hearing in Houston, adding that he could not afford an attorney in the Texas case.
two-page motion, Parsons
said providing verbal testimony and financial records sought by the IRS
could incriminate him in what he
believes is an "ongoing criminal investigation."
"It's just been a run of bad luck," Parsons
Parsons now works for Windsong Estate Services in Sugarland, Texas.
The company specializes in estate and liquidation sales, cash purchases of assets and home purchases, according to the company website.
makes about $800 a week.
moved to Texas after the collapse of THR & Associates
amid widespread allegations of fraud, including in federal bankruptcy court.
were denied debt relief in the personal and corporate bankruptcy cases based on the fraud allegations.
The IRS investigation in Texas seeks records for 2010 and 2011, and for three-month periods ending March 31 and Sept. 30, 2012.
A bankruptcy judge in Springfield approved a $334,133 settlement in September of nearly $3.2 million in back taxes owned in a separate IRS case.
THR & Associates
, founded in 2010, had corporate offices, warehouses, appraisal operations and training facilities in Springfield.
A federal judge in Springfield also referred to a criminal investigation of Parsons
in the separate case of approximately $12.3 million owned former THR employees in overtime and penalties.
has been making $500-a-month payments toward the settlement.
A judge reduced the original $5,155 monthly payment based on Parsons' current income.
is scheduled to return to Springfield in July to show proof of continued payments.
Jeff Parsons corporate ...
Jeff Parsons corporate bankruptcy case appears to be winding down
filed for bankruptcy in September 2012.
File/The State Journal-Register
A little more than three years after Jeff Parsons
and THR & Associates
filed for personal and corporate bankruptcy, the corporate bankruptcy appears to be winding down.
A trustee's motion filed in U.S. Bankruptcy Court in Springfield last week to sell a 2010 Haulmark trailer that once belonged to THR & Associates
included a notice of intent to close the case.
Parsons' personal bankruptcy case remains open.
filed for bankruptcy in September 2012 after the buy-sell-trade company Parsons founded collapsed amid allegations of fraud and thousands of bounced checks written to sellers nationwide.
Parsons founded THR & Associates in Springfield in the fall of 2010 with a promise of hundreds of local jobs and eventual sales of $1 billion annually.
The business strategy included buying shows at hotels and convention centers nationwide.
Coins, collectibles, antiques, jewelry and other valuables purchased at the shows were resold through THR
By early 2012, the company was the subject of hundreds of consumer complaints of bounced checks written at THR purchasing events.
At the time of the bankruptcy filings in the fall of 2012, Parsons
claimed more than $100 million in debts.
A judge denied debt relief in both THR's
corporate and Parsons
' personal bankruptcy cases after concluding Parsons had fraudulently attempted to hide assets and transfer cash.
also faces court-ordered payments in the separate case of $12.3 million in overtime and penalties owed to approximately 150 former THR employees.
Mills set an initial deadline of Nov. 16 for Parsons
to report on payments or face possible jail time.