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Man Charged with Bankruptcy Fraud after Hiding Auto Racing Business Assets

Posted By Allmand Law Firm, PLLC || 4-Oct-2013

Foolishness And Fraud Not Interchangeable In Bankruptcy

Robert J. Yonkee Jr., 54, was charged in a federal court with bankruptcy fraud. He was a former resident of Machesnesy Park until he moved to Lake Geneva. He is accused of providing false information about his assets and concealing property when he filed his petition. For each charge he faces five years in prison, fines up to $250,000, and up to three years supervised release and five years' probation.

Yonkee filed Chapter 7 bankruptcy in September 2008. He is accused of hiding information about ownership interest in an auto racing business that sold various parts and materials for cars and motorcycles, as well as having capital, inventory, motorcycles and other merchandise, from creditors, the bankruptcy trustee and the bankruptcy court.

Yonkee is also accused of providing the court with false statements in relation to his bankruptcy schedules and financials (Statement of Financial Affairs), which were filed under penalty of perjury. He also faces charges of making false statements to creditors at the creditors meeting while under oath. Yonkee will face trial later this year for his charges.

Law enforcement officials want to remind the public that the defendant is innocent until proven guilty. Charges come from a criminal indictment that is not necessarily evidence of guilt. The defendant is entitled to a fair trial in which the government will provide proof of guilt. Bankruptcy fraud carries serious charges for those who choose not to abide federal law.


Categories: Bankruptcy Fraud
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