Bond reduction denied in ‘financial exploitation’
Businessman was asking for lower bond for five charges
Bond reduction denied in financial exploitation.jpg
Thomas Terry
2013-12-27T06:50:00Z Bond reduction denied in ‘financial exploitation’ Daily Journal Online
Local businessman Thomas Terry has been denied a bond reduction.
Thomas Terry, 62, is charged with five Class A felony charges of financial exploitation of the elderly. The charges involve the five of the 42 affected investors who were over the age of 60 at the time the alleged crime occurred.
On Thursday, Terry’s attorney Stephen Welby asked Associate Circuit Court Judge Wendy Wexler Horn to deduce Terry’s bond from $250,000 cash or surety to a $10,000 bond.
Assistant Prosecuting Attorney Pat King argued against a bond reduction, stating that he felt the current bond was probably too low for what Terry is charged with.
Terry’s charges are Class A felonies which, if convicted, can carry a sentence up to 30 years or life in prison. King said he thought the reason the legislature made these felonies so severe is because the charges deal with the elderly and “about people’s life savings that won’t be replaced.”
He said Terry had been through numerous investigations and had been walking around free for about five years. Now, he said, Terry will be on trial for his life.
The judge told Welby that she felt the bond was entirely appropriate and denied the motion for a bond reduction. Welby then asked the judge to consider a 10 percent bond but she also denied that request.
The case was passed to 1:30 p.m. Feb. 11 for a preliminary hearing.
Terry, of Farmington, is the former owner of the now-defunct Farmington Investment Corporation which reportedly owes nearly $1.1 million to 42 investors. The investors haven’t seen their money in five years.
The charges allege Terry was not licensed to sell investments and never registered any of the investments as required by law. The charges allege he told customers their investments were safe when he knew there was no money to cover them.
Terry hired an attorney after his request for a state-paid public defender was denied. According to court documents, Terry was denied a public defender due to defendant’s income and equity in real estate exceeding public defender guidelines.
Thomas Terry, 62, is charged with five Class A felony charges of financial exploitation of the elderly. The charges involve the five of the 42 affected investors who were over the age of 60 at the time the alleged crime occurred.
On Thursday, Terry’s attorney Stephen Welby asked Associate Circuit Court Judge Wendy Wexler Horn to deduce Terry’s bond from $250,000 cash or surety to a $10,000 bond.
Assistant Prosecuting Attorney Pat King argued against a bond reduction, stating that he felt the current bond was probably too low for what Terry is charged with.
Terry’s charges are Class A felonies which, if convicted, can carry a sentence up to 30 years or life in prison. King said he thought the reason the legislature made these felonies so severe is because the charges deal with the elderly and “about people’s life savings that won’t be replaced.”
He said Terry had been through numerous investigations and had been walking around free for about five years. Now, he said, Terry will be on trial for his life.
The judge told Welby that she felt the bond was entirely appropriate and denied the motion for a bond reduction. Welby then asked the judge to consider a 10 percent bond but she also denied that request.
The case was passed to 1:30 p.m. Feb. 11 for a preliminary hearing.
Terry, of Farmington, is the former owner of the now-defunct Farmington Investment Corporation which reportedly owes nearly $1.1 million to 42 investors. The investors haven’t seen their money in five years.
The charges allege Terry was not licensed to sell investments and never registered any of the investments as required by law. The charges allege he told customers their investments were safe when he knew there was no money to cover them.
Terry hired an attorney after his request for a state-paid public defender was denied. According to court documents, Terry was denied a public defender due to defendant’s income and equity in real estate exceeding public defender guidelines.
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