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Tennessee suspects charged in $45 million fraud scheme

Posted: 1:59 PM May 10, 2012

KNOXVILLE, Tenn. (WVLT) -- Two Tennessee men appeared in federal court on Thursday, accused of defrauding hundreds of investors in California, Florida, Georgia, Tennessee, and Virginia out tens of millions of dollars.

Thirty-four year-old Joshua Dobson, of Kimball, and 39 year-old Pall E. Gott, III, of Jasper, are each charged with wire fraud and money laundering, according to the FBI.

The were captured following a joint investigation by the Knoxville Division of the Federal Bureau of Investigation, the Chattanooga Resident Agency and the Internal Revenue Service.

Officials estimated the total loss at $45 million.