The Las Vegas Sun reported on an alleged benkruptcy fraud case pending in the U.S. District Court of Nevada. See the full article here: http://www.lasvegassun.com/news/2010/oct/18/man-pleads-not-guilty-fraud-case-allegedly-hiding-/#comments
A California man, Dennis Territo, filed for Chapter 7 bankruptcy in 2005 and claimed that he had only $2,500 in assets. The authorities later learned that he had over $100,000 in assets in a corporate bank account in Nevada. He was arrested and charged with two felonies: concealments of assets and bankruptcy fraud.
He pled not guilty before a U.S. Magistrate Judge in Las Vegas and was released on a personal recognizance bond. The IRS Criminal Investigations unit represented by the U.S. Attorney's office alleges that Territo concealed assets and committed bankruptcy fraud to defraud the IRS and his creditors.
He faces up to five years in federal prison and up to $250,000 in fines.
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