Former investment advisor Joseph Randall Medcalf, 56, of Fresno, CA pled guilty this week to three counts of mail fraud and one count of bankruptcy fraud. The counts stem from an investment scheme Medcalf ran for several years defrauding investors out of millions through offered investment "opportunities." When Medcalf pled guilty he admitted he carried [...]
When a Bankruptcy Trustee Suspects Fraud Bankruptcy fraud is a serious offense that could carry a hefty fine and years of imprisonment. Because the bankruptcy code is intertwined with federal regulations any fraud committed is considered a serious matter. A bankruptcy trustee who suspects fraud is obligated to bring the matter before the court, but with sufficient [...]
Maryland pastor and televangelist Robert J. Freeman, 56, was sentenced to 27 months in prison for obstructing bankruptcy court proceedings. The pastor, also known as "Dr. Shine," was known for living a luxurious lifestyle that included owning expensive vehicles and a mansion valued over $1 million. Funds were used from his church along with fraudulently [...]
William Cecil Griffin, 62, of Ashland, Ill was sentenced to 5 months in federal prison after pleading guilty to concealing assets when he filed Chapter 7 bankruptcy in 2009. Griffin was also ordered to pay over $40,000 in restitution to creditors. After completing his prison term he will be under home confinement for 5 months; [...]
Lenny Dykstra, former New York Mets outfielder, pled guilty this week to bankruptcy fraud counts in Los Angeles, according to federal prosecutors. Dykstra faces 3 counts of fraud that includes money laundering and concealment of assets. He may face up to 20 years in prison, yet his court date for sentencing has yet to be [...]
Because bankruptcy is a legal process that is intended to help consumers and businesses deal with the debt they are unable to pay, bankruptcy fraud is considered a federal crime. Being honest and fully disclosing information and details about your situation not only helps your bankruptcy attorney understand your financial background, it helps the court [...]
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 [...]
When it comes to declaring Chapter 7 or Chapter 13 bankruptcy, you know the right steps you must take to make it happen. Declare all your income and liabilities. Put your credit cards away. Work with your bankruptcy attorney to ensure a successful petition. Breathe a sigh of relief when you finally have that messy [...]
In a recent Chapter 7 bankruptcy case, a creditor/plaintiff accused the debtor of obtaining financing under false pretenses, misrepresentation and fraud and asked the bankruptcy court to make the debt nondischargeable. The situation is one that serves as a warning against doing business with no written contract. The creditor/plaintiff in this bankruptcy case alleges that [...]
In a recent bankruptcy case a debtor who habitually lied about his income to get credit cards is facing up to 90 years in jail for lying to three credit card companies about his income. Under Title 18 of the U.S. Code, Section 1014 it is a federal crime to lie to certain types of [...]