Bankruptcy fraud is not taken lightly as one former resident of Toms River, New Jersey recently found out. Bryan Young, 39, may face criminal charges related to bankruptcy fraud, according to an announcement from United States Attorney Paul J. Fishman. Young filed a Chapter 7 bankruptcy petition in November 2008 but evidence has surfaced after his filing that he may have hidden more than $250,000 worth of assets at the time the bankruptcy was filed.
Young currently lives in Florida but recently turned himself in to federal authorities. Documents related to his criminal complaint have been unsealed and they reveal Young may have more than $1.5 million in personal assets. When Young filed for Chapter 7 bankruptcy protection, he filed in the state of New Jersey. He claimed he didn't have assets of value or other income besides his current employment and business operations.
Documents in the criminal complaint suggest Young concealed various assets that include 4 financial accounts with funds totaling at least $650,000. He had made big purchases before his bankruptcy filing including over $13,000 in furniture and he sold a 2003 Ford truck for $10,000. Documentation from eBay Inc. shows he earned $250,000 between 2007 and 2008. Young failed to disclose that he had transferred funds from different accounts including over $250,000 to his son's account and $248,000 into an account that was owed by him.
Young also failed to disclose all vehicles he had. Aside from the 2006 Ford F-350 he claimed when he filed, an investigation uncovered other vehicles that were registered to his name through the NJ Dept. of Motor Vehicles including a 2003 Ford truck and a 1993 Mitsubishi GT. Young claimed he didn't have stocks or bonds but a later investigation shows he accumulated more than $100,000 in mutual funds just months before he filed.
Bryan Young faces bankruptcy fraud charges that may include 5 years in prison and a $250,000 fine.