KNOXVILLE (CN) – Before being sent to prison for felony theft, Paul Needham Jr. hid $5 million from his victims by setting up a phony trust for the benefit of people who were already dead, four people and three businesses claim in Knox County Court.
Needham pleaded guilty to felony theft in February 2008 and was sent to state prison, the plaintiffs say. They say he also declared bankruptcy, falsely, to hide his assets from them.
Plaintiffs say they went into a construction business with Needham, and called it Absolute Enterprises. They say he set up an Absolute Enterprises business account in a bank in another city, and used that to embezzle money, and also swiped money from the construction projects he supervised.
The plaintiffs also sued JP Morgan Chase Bank, which allegedly has the money Needham is accused of secreting away. They want to be paid back from the money in the trust account.
They are represented by Ronald Attanasio with Sharp & Attanasio.