NASHVILLE, Tenn. (AP) -- Federal prosecutors say a Middle Tennessee business executive has given up $500,000 in assets after an embezzlement scheme involving money paid by the Tennessee Department of Transportation to acquire rights of way for highway projects.
The settlement with 53-year-old Michael Wayne Young of Fairview, a TDOT consultant and contractor responsible for buying property, was announced by U.S. Attorney Jerry Martin on Monday.
An audit earlier this year found that TDOT paid Young and his company, Capitol Consultants, more than $300,000 for nine parcels of property, but the purchases were never closed and the deeds weren't transferred. Further investigation found another 45 pieces of property where Capitol failed to close the deal.
Prosecutors said Young agreed to a settlement to relinquish bank accounts and real property to the government.