A Michigan man may face more than 20 years in federal prison after pleading
guilty recently to charges related to money laundering and bankruptcy
fraud. Adrian Hassan Tageddine, 42, of Dearborn Heights, admitted to authorities
he hid assets including cash and luxury vehicles when he filed for bankruptcy in 1999.
Internal Revenue Service (IRS) agents completed a lengthy investigation
behind Tageddine's bankruptcy filing, which included a scheme dating
back to 1999. In August 2009 he filed for
bankruptcy protection. When debtors submit documents along with their petition you
are required to submit information truthful about assets and personal property.
Tageddine filed under penalty of perjury when he purposely left out personal
property and luxury items including cash, jewelry, and cars. Hiding assets
is not only a serious offense, but its costly to the American public,
according to the IRS.
Tageddine faces three counts of bankruptcy fraud concealment of assets
and one count of money laundering, with possible fines up to $1.25 million.
For each count of bankruptcy fraud he may face up to five years in prison
with a $250,000 fine. The money laundering count carries a possible prison
term of up to 20 years with a fine of $500,000. Tageddine will appear
in court for sentencing in August 2013.
Bankruptcy is a powerful financial tool that can help you get your finances
back on track. Being honest throughout the filing process may allow you
to utilize exemptions to help protect personal property and assets of value.