A lawsuit filed by local businessman Donald DePriest is on hold pending a Federal Communications Commission investigation of companies with which he has been affiliated.
DePriest, of Columbus, last year filed suit against Nashville, Tenn., businessman Peter Harmer for more than $20 million, claiming Harmer has been trying to ruin his reputation and interfere in his business relationships.
The lawsuit was filed July 16, 2010 and alleged Harmer”s actions are “designed to interfere with and damage DePriest, his corporation, his reputation and his business.”
Harmer is seeking dismissal of the suit.
The FCC currently is investigating Maritime Communications/Land Mobile LLC and MCT Corp., “including whether MCT Corp. operated as a Ponzi scheme, and whether DePriest has committed fraud related to these and other matters,” the June 15 stay order reads.
According to the order, U.S. District Judge Allen Pepper believes the FCC investigation will reveal details needed to sort out DePriest”s suit against Harmer. Pepper also notes DePriest has withheld information relevant to the case.
Harmer purchased shares in MCT Corp., a company chaired by DePriest, in November 2000 and later sold the stocks and filed for bankruptcy.
The suit claims Harmer launched a campaign against DePriest after DePriest refused to help him commit fraud by attempting to use sale of stock, which he no longer held, as part of his bankruptcy arrangements.
DePriest is represented by Columbus attorney Wilbur Colom. Harmer is representing himself.
DePriest”s business dealings captured headlines in 2009, when it was discovered the former Tennessee Valley Authority board member owed more than $1.1 million in back taxes. At the time, he also faced allegations that he failed to repay loans and misled investors about his telecommunications companies.
Lowndes County Chancery Court Judge Kenneth Burns ordered DePriest to pay his former associate, Oliver Phillips, $9.1 million. Phillips sued DePriest over a number of business matters, spanning the past few decades.
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