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Illinois Man Admits Committing Bankruptcy Fraud

Posted By Allmand Law Firm, PLLC || 16-Sep-2013


A Wonder Lake, Ill man admits he committed fraud when he filed bankruptcy protection in 2008. James Grossmayer, 51, was charged with bankruptcy fraud after admitting he intentionally left out details about interest he had ownership of from an annuity totaling thousands of dollars. He also admits paperwork submitted to the bankruptcy court was incorrect.

Grossmayer filed for Chapter 7 bankruptcy in September 2008. When he filed, he purposely left out information about a New York Life annuity he had ownership interest of that amounted to roughly $25,000. When he completed the Schedule B forms that are required by the bankruptcy court, he admitted the information was not correct and knew the documentation was false.

Grossmayer was recently charged for making a false declaration under penalty of perjury in a bankruptcy case. He will be sentenced at the end of the year in December. He faces a maximum penalty of 5 years in prison along with a $250,000 fine, or be required to pay whichever is larger between the gross loss or gross gain that resulted from the offense.

Bankruptcy fraud can be committed by completing one or numerous actions. Withholding information about assets is a common form of fraud, but this can be prevented if debtors take time to learn about their options with a qualified bankruptcy expert in Dallas-Fort Worth before beginning bankruptcy proceedings.


Categories: Bankruptcy Fraud
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