The Allmand Law Firm, PLLC Difference

Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Man Found Hoarding Gold and Silver Pleads Guilty To Bankruptcy Fraud

Posted By admin || 5-Sep-2010

Man Found Hoarding Gold and Silver Pleads Guilty To Bankruptcy FraudDonovan Lindhorst was placed in an involuntary bankruptcy in October 2007, but he didn't plan on allowing authorities to access to all of his assets.  According to bankruptcy judge, Lindhorst hid gold, silver and his ownership of a vintage pickup truck in an effort to defraud the bankruptcy system.

Federal prosecutors said 69-year-old Donovan Lindhorst of Gresham had about $82,000 in cash, gold bullion and other assets in a home safe that was found during a court-approved inspection by his bankruptcy trustee.

Lindhorst also concealed transfers of assets to his son totaling $190,000 and $182,000 to his wife. Among his assets were a 1928 Ford Roadster pickup and real estate in Battle Ground, Wash.

It is absolutely amazing that some debtors in bankruptcy insist on attempting to defraud the system despite the countless bankruptcy fraud convictions that have landed unscrupulous debtors in jail. Not only has this particular debtor put himself at risk for a lengthy prison term; but he has also involved his family in his unethical behavior.  As we have mentioned several times here, if a debtor illegally transfers assets before filing bankruptcy or attempts to hide assets, the bankruptcy court can demand that those assets are returned to the bankruptcy estate.  If the recipients of assets that were illegally transferred before bankruptcy fail to return the cash or property they received, they could face legal troubles.  Once again, please do not attempt to hide assets from the bankruptcy court because even if it is in the form of gold and silver hidden away in a safe, the bankruptcy court can and most likely will find it.

Categories: Bankruptcy Fraud
Blog Home