FranBest FRANCHISE WATCH has been keeping tabs on the story of Java Jo’z franchisor Roy Snowden, who has been convicted of Tax Evasion & Fraud charges. Numerous Java Jo’z franchisees have allegedly been unable to recover deposits of $20K & $30K made to Java Jo’z. This is an excerpt from Janet Spark’s post on Blue MauMau:
First Motion to Refinance Home Denied
In an Order from the U.S. District Court, Northern District of Florida, Pensacola Division, Senior U.S. District Judge granted the Second Motion to Continue Sentencing in United States of America v. Roy P. Snowden. The motion, filed January 16, had requested that the sentencing scheduled for January 23, be continued due to a family medical crisis of Snowdenâ€™s counsel, preventing him to attend the sentencing.
Snowdenâ€™s first Motion to Continue Sentencing, filed January 10, had been denied by the court. The motion was mainly on the grounds that Snowden had been in the process of refinancing his residential home, which had been approved in the amount of $1.4 million, which was less than 70% of the appraised value.
The motion states that the defendant is in the process of seeking additional lenders that would loan up to approximately $1.7 or $1.8 million in the refinance. The refinance would eliminate a first and second mortgage and it states, â€œ. . . it should leave sufficient funds to eliminate all of the back taxes, interest, and penalties.â€ The $1.4 million would eliminate the two mortgages and the balance of approximately $850,000 to $900,000 would be left to be payable to the I.R.S. against the taxes, penalties, and interest.