According to an article in the Star-Telegram, former Edmonton Oilers owner Peter Pocklington was arrested on Wednesday for allegedly concealing assets during bankruptcy proceedings.
The article said:
The 67-year-old Pocklington is accused in an indictment of making false statements in bankruptcy and making false oaths and accounts in bankruptcy. If convicted, he could face up to 10 years in federal prison.
Pocklington filed for personal bankruptcy last year. He is suspected of failing to disclose to a bankruptcy court two bank accounts as well as the contents of two storage units. He claimed to have debts of nearly $20 million and assets of only about $2,900. It wasn't immediately disclosed how much money was in the bank accounts.
This is a lesson for all debtors considering bankruptcy. You must reveal ALL of your assets or it could mean jail time. Filing for bankruptcy is a legal proceeding and the financial statements you make during bankruptcy must be true and accurate. If you are filing for bankruptcy and have significant assets this does not mean that you won't be able to keep some of your assets. Please do not hide assets for fear that they will be seized by creditors during a bankruptcy case. Work with an experienced Dallas bankruptcy attorney to protect as many of your assets as possible by planning carefully and strategizing effectively.