It's More of a Shelbyville Idea...

Today in local perfidy, Lyle Lanley Jeff Parsons

Judge Threatens Jeff Parsons With Criminal Contempt

A federal judge has threatened to hold former THR and Associates boss Jeff Parsons in criminal contempt of court if he doesn’t provide the documents needed to proceed with his case.

Parsons last appeared in court July 10th when he was ordered to produce documents related to THR and his current buy/sell/trade ventures. He owes former employees and vendors more than $12 million and declared bankruptcy in 2012.

Parsons, again, didn’t provide everything needed. He solicited an attorney and accountant to go through receipts and compile financial reports, but he didn’t provide transaction reports or invoices for any good, silver or other goods he bought at shows and then and sold to Steve Mileham, the man who owns Goldlink on MacArthur Blvd. in Springfield.

Parsons told attorney Doug Quivey, representing Parson’s former employees and vendors, that Mileham buys materials purchased at road shows and offers what’s called “advances” in exchange. Quivey, poring over documents, says Mileham has “advanced” Parsons nearly $2 million since he filed for bankruptcy in 2012.

Parsons didn’t provide transaction reports detailing how much, if any, of that money went into his business accounts...

And what was THR?

Basically it was the Springfield monorail...

The Roadshow is over

THR heads for bankruptcy

By Bruce Rushton

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Help wanted billboards erected in Springfield promised six-figure salaries to folks who went to work for THR & Associates, a company formed in 2008 that almost overnight became a multimillion-dollar firm. With Parsons as its president, CEO and sole shareholder, THR set up buying events in hotels throughout the nation, luring customers through newspaper ads, then convincing them to sell coins, jewelry, watches, antiques and anything else of value, especially if it contained gold or silver.

The goal was to buy low, sell high, and THR did a lot of it. In 2010, the company had revenue of $125 million and Parsons reaped nearly $9 million in profits. Revenue last year was $211 million, with a net profit of almost $11 million, according to testimony in the pending divorce case of Parsons vs. Parsons, which has laid bare the inner workings of THR and the largesse of Jeffrey Parsons, who had finally hit it big. But not for long.

THR is headed for bankruptcy, and its bank accounts have been frozen by the Internal Revenue Service, according to recent testimony in the divorce case. The Illinois attorney general’s office has launched an investigation, and a federal criminal probe could be in the offing.

Between delinquent payroll taxes and unpaid personal income taxes, the state and federal governments are owed about $13 million by THR and Parsons, who resigned as the company’s chief executive officer on July 13, a Friday. He deposited his final paycheck in the account of his live-in girlfriend and mother of his infant child so that the IRS would not seize the money. He testified last week that his own bank account has a balance of $360.

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No word on whether Mr. Parsons is using his "advances" to start up similar enterprises in Brockway, Ogdenville or North Haverbrook.