Company owner must repay $500K to TDOT - WKRN News 2

Company owner must repay $500K to TDOT

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NASHVILLE, Tenn. (AP) - Law enforcement officials say the owner of a company hired to purchase land for state road projects must repay more than $500,000 to the Tennessee Department of Transportation after admitting to embezzlement.

Internal Revenue Service Special Agent Jim Runkle said in an affidavit that 53-year-old Michael Wayne Young, president of Brentwood-based Capitol Consultants Inc., told investigators he was "robbing Peter to pay Paul" by taking state money from 2004 to 2011 originally intended for buying property for roads.

Young has been a TDOT right of way division consultant/contractor for 19 years. Investigators determined that money given to Young within the past year was used to buy land that it was not intended for.

Assistant U.S. Attorney Debra Phillips told The Tennessean that any criminal prosecution of Young is pending.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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