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Journal photo by Lauren Carroll -- 10/14/06 -- Mug of Calvin Phelps, owner of Chinqua-Penn Plantation. CIT 15 penn CAR ORG XMIT: ML9H93C
Posted: Friday, June 15, 2012 1:17 pm
Updated: 12:34 pm, Wed Dec 12, 2012.
Calvin Phelps' cigarette export scheme to avoid tobacco settlement payments of about $4.98 million could cost the Mocksville businessman up to 43 years in prison.
Phelps, owner of four bankrupt tobacco companies, pleaded guilty Thursday to federal charges of committing fraud, making false statements and unlawful financial transactions.
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Friday, June 15, 2012 1:17 pm.
Updated: 12:34 pm.