SULLIVAN —
A plea agreement has been negotiated for a second defendant in the Alanar securities fraud case in Sullivan County.
Jonathan “Chris” Reeves, 42, will receive a 12-year prison sentence through the agreement tendered Monday to Sullivan Circuit Court.
Reeves faces 10 class-C felony charges of securities fraud for his involvement in family-operated Alanar Inc., which duped investors out of millions of dollars intended for church construction projects. His father, company founder Vaughn Reeves Sr., received a 54-year prison sentence in December.
Sullivan County Prosecutor Bob Hunley said the plea agreement filed with the court Monday will give Chris Reeves credit for the time he has already served in jail awaiting trial, as well as one day credit for each day in jail.
On each of the 10 counts, Reeves receives a 6-year sentence, with 2 years suspended to probation. However, only 2 of the 10 counts will be served consecutively, adding up to a 12-year sentence with four years suspended to probation, for 8 years of prison time. Giving credit for the time he has already spent in the Sullivan County Jail awaiting trial, Reeves could serve more than 4 additional years behind bars. However, that actual prison time will likely not be announced until the date of sentencing.
The sentencing date has not been set, but Hunley estimated the sentencing hearing could be conducted in mid-March. The trial for Chris Reeves had been set for May in Martin County.
Prosecutor Hunley said the plea deal calls for a sentence that is twice as long as the negotiated sentence for younger brother Josh Reeves, who signed a plea agreement earlier this month for a 6-year sentence, with 2 years suspended to probation. The sentencing hearing for Josh Reeves is set for Friday.
“All along, we believed that Vaughn Sr. is the mastermind,” Hunley told the Tribune-Star. “The boys are all culpable, but to a lesser degree depending upon how long they had been with the company.”
Since Chris Reeves was the second youngest and had been with the company longer, his sentence was negotiated to be twice as long as his younger brother’s sentence.
If this most recent plea agreement is accepted by Special Judge Dena Martin, only one of the four original defendants will have an open case.
“I feel this is very important for the investors of Alanar,” Hunley said, “because when we first filed this, many people said we couldn’t even hold them a day in jail. But now, with the conviction of Vaughn Sr. and these two pleas, we’ve got three-fourths of the cases resolved.”
Hunley declined to speculate on whether a plea agreement could be worked out for the final defendant, Vaughn “Chip” Reeves Jr. His trial remains set for June in Gibson County.
Lisa Trigg can be reached at (812) 231-4254 or lisa.trigg@tribstar.com.
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