MISSOURI CITY, Texas – KPRC 2 News has learned that a business consultant who told news agencies he'd discovered forgotten treasure in an antique chest of drawers Sunday is the former owner of a bankrupt precious metals company in Springfield, Illinois, who owes millions to former employees.
The consultant Sunday gave his name as Jeffrey Allen, saying he is employed by Sugar Land based Premier Estate Sales Network. He told reporters he and a customer who purchased a chest of drawers at an estate sale in Missouri City discovered coins, jewelry and Civil War medals in a hidden drawer.
"And lo and behold we open it up and there's all these coins, gold and diamond rings," he told KPRC 2.
Allen estimated the value at up to $20,000. He said the buyer of the chest decided to return the treasures to the original owner.
Before moving to Texas in 2013, Jeffrey Allen went by the name Jeffrey Parsons. He's identified in federal court papers as the owner of THR & Associates Inc., in Springfield, also known as Treasure Hunters Roadshow. It was one of the largest gold buying companies in the country. Beginning in 2008, THR & Associates Inc. bought and sold hundreds of millions of dollars in gold and precious metals, but then declared bankruptcy in 2012.
In a July 25, 2013, story in the Illinois Times, a bankruptcy trustee accused Parsons of concealing assets and making false statements to creditors.
"Jeffrey Richardson, the trustee, says that Parsons underreported income in sworn statements and concealed more than $1 million from hundreds of creditors that include the Internal Revenue Service, vendors, landlords and customers who went unpaid after selling gold and other valuables to THR and Associates, Parsons' Springfield-based company. In the span of six weeks after declaring bankruptcy last September, Parsons, through his son Jacob, sold more than $298,000 in gold and other precious metals at The Gold Center in Springfield, contrary to federal bankruptcy laws designed to ensure that creditors are paid and assets are not hidden, Richardson says."
On Nov. 10, 2014, a federal bankruptcy judge in Illinois entered a judgement against Parsons at Richardson's request. The court order stating, "During the insolvency of THR & Associates, the Defendant, Jeffrey A. Parsons, received direct distributions or payments for his benefit...totaling $2,212,790.89" and that Parsons violated his fiduciary duty.
Judge Mary P. Gorman said, "The distributions to or for the benefit of Mr. Parsons... are subject to recovery in this cause of action as a fraudulent conveyance," and ordered Parsons to repay the entire amount plus interest.
Parsons denies he hid assets or made false statements.
In a separate court order, Parsons still owes more than $12 million to former employees who sued and won for violations of the Fair Labor Standards Act.
Asked by KPRC 2 Wednesday why he now identifies himself as Jeffrey Allen, Parsons said, "Well, I'm a consultant, a business consultant, and this isn't the story and I don't care to do a story on this. There is no story. My name is Jeffrey Allen Parsons. That's what I go by, Jeffrey Allen."
Parsons ended the interview when asked if he was trying to conceal his past history.
"I'm not even involved in this situation. I work for this company as a consultant, and I'm probably going to lose my job," he said.
Parsons' Facebook page identifies his girlfriend as the president of Premier Estate Sales Network. The company is a recent start-up that organizes estate sales.
An earlier press release invited news agencies to cover the return of the items found in the chest of drawers to the son of the original owner by the man who purchased it Thursday morning.
Parsons said Wednesday the event may be canceled because one of the parties didn't want publicity.