Lisa Marchesoni
Posted: Tuesday, January 5, 2010 3:31 pm

Two defendants indicted on federal money-laundering indictments entered pleas Monday in U.S. District Court.

U.S. District Judge Aleta A. Trauger announced from the bench the court proceedings for defendants Jeremy Chad Smotherman and Michael Bryan Krabousanos were closed to the public. Their families were allowed to hear the plea.

Federal court records showed Trauger placed the proceedings and plea petition/agreement under seal. She set sentencing for March 26.

Smotherman and Krabousanos were indicted on charges of conspiracy to commit bank fraud, bank fraud, engaging in monetary transactions in property derived from specified unlawful activity and conspiracy to launder proceeds from a specified unlawful activity. Smotherman faces an additional indictment of willful failure to file a return.

In court affidavits filed in 2008, Internal Revenue Service Agent William Desantis reported Smotherman was listed as the principal owner of Greytlyn Homes, the titled owners of a Hendersonville house sold to Bryan Krabousanos. Krabousanos and Smotherman are partners in K&S Group LLC. Krabousanos is the “sham owner” of the home, the agent alleged.

The bank fraud conspiracy indictment accuses Smotherman and Krabousanos of defrauding First Community Mortgage Inc., owned by First Community Bank of Bedford County, and obtaining money under false pretenses.

They remain free while awaiting the sentencing.