Should people be concerned with insider trading? This is no different! 

In October 2008 Oliver, Powell. and County bond attorney Tread Syfan formed an LLC called City View Investments and were under contract to purchase the Regions Bank Operations Center.

Jan. 29, 2009 Tom Oliver confirmed that he and Billy Powell were partners in City View investments, which is a corporation that included Commission Chairman Tom Oliver, Commissioner Billy Powell, along with Tread Syfan.

Mr. Syfan  told the Gainesville Redevelopment Authority that ( in September of 08, Billy Powell came to me and said he was negotiating for the purchase of the Regions operations center and asked for my help. Mr. Powell offered me an opportunity to invest with them).

Late February Mr. Syfan was ultimately removed from the Gainesville-Hall Redevelopment Authority, by City Manager Kip Padgett after city officials discovered his intentions to purchase the bank property.

March 26, 2009 Following the disclosure that the county’s bonding attorney, Tread Syfan was involved in a personal business arrangement with Commissioners Oliver and Powell, Commissioner Ashley Bell proposed a motion to have the county attorneys disclose any potential conflict of interest. Commissioner Bell’s motion was promptly voted down by Oliver, Powell, and Bobby Banks.

Commissioner Bell stated (if the city has a conflict with Syfan, the County also may). Oliver stated (he believes there are no conflicts to be concerned with).
 
Should people be concerned with insider trading? This is no different!                                    

April 14, 2010 an ethics complaint was filed with the Governors office by a group of County residents headed by Joe Schubert of Clermont.

According to the complaint two Commissioners benefited financially from an attempt to buy a piece of property from Regions bank adjacent to a proposed hotel/Office complex called Gainesville City Center in midtown in 2009.

Commissioner Powell said (the allegations are totally without merit and have no factual basis, Powell also stated he believes the request to the Governors office is a waste of the Governors time, and it’s a nuisance from a disgruntled, immature, constituent, I think they are acting like kids that someone took their toys away from them. Could Commissioner Powell have lied about his involvement?

There was a lawsuit concerning this potential purchase and ultimately the matter was settled in June 2009 with an arrangement for Gainesville City Center to BUY City View’s contract to acquire the Regions Operations Center.

I am not real smart, but it sound to me like Oliver and Powell benefited financially.

I believe this speaks to the un-ethical, un-truthfulness, and a lack of honesty of these two Commissioners. Hall county citizens deserve better.

Paul S. Barnes 
President  hccfeg.org