Company signaled financial trouble before raid - | Chattanooga News, Weather & Sports

Company signaled financial trouble before raid

NASHVILLE (AP) - A payroll services company that had naming rights to Nashville's arena gave off signs of financial trouble for several months before FBI agents raided it July 6.

Sommet Group of Franklin, Tenn., is embroiled in a federal criminal probe for allegedly misspending clients' medical insurance and retirement funds. No one has been arrested.

According to The Tennessean newspaper, Sommet bounced checks and paid some clients' health care bills with credit cards in recent months.

As far back as 2007, it failed to submit required paperwork to the Tennessee Department of Commerce and Insurance. And it was booted out of North Carolina for failing to have a license to operate in that state last year.

Despite that, Sommet continued to do business in Tennessee.

Information from: The Tennessean,

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