… various bank accounts.

The government claims that the tax loss and the loss from the bankruptcy fraud far exceeds $2.5 million; but the defendants insist that is it far less.  Once the total loss is determined, Minh-Vu will be sentenced.  Minh-Vu Hoang faces up to five years in prison for bankruptcy fraud and defrauding the IRS.

It is important that debtors resist the temptation to hide assets during bankruptcy.  It is unnecessary and illegal.  There are many exemptions available …

Category: Bankruptcy Fraud , Chapter 11 Bankruptcy

Tags: Chapter 11 Bankruptcy Debt Fraud

Permalink: /chapter-11-bankruptcy/debtor-pleads-guilty-to-bankruptcy-fraud/

According to an article in the Star-Telegram , a woman who hid more than $255,000 from a bankruptcy trustee has been sentenced to nearly three years in prison.

The article said:

“Hardy filed a personal injury lawsuit in 2001 against GE Modular Space Transport International Pool Corp. She filed for bankruptcy before the settlement. Authorities say she hid proceeds from the lawsuit. …

Category: Bankruptcy Fraud , Lawsuits

Tags: Bankruptcy Debtor Fraud Lawsuit

Permalink: /lawsuits/debtor-who-hid-255000-charged-with-bankruptcy-fraud/

… résumé, a court document.

Ingle is only the most recent loan officer convicted of mortgage fraud.  Mortgage fraud is slowly being revealed as another major contributing factor in this foreclosure crisis.  While it is not currently evident whether homebuyers willingly participated in the fraud, what is evident is that unqualified buyers put into inappropriate loans eventually succumb to foreclosure.  The more mortgage fraud runs rampant in the lending industry the more homeowners …

Tags: Foreclosures Fraud Mortgage

Permalink: /foreclosures/mortgage-fraud-could-cause-more-foreclosures/

… grand jury indicted five people, including a home builder, for allegedly engaging in mortgage fraud involving loans worth $13 million.  Chekeelah Phelps, 45, of Mansfield; Clayton Bennett, 66, of DeSoto; Munzer Kawasmi, 30, of Arlington; Deborah Fernie, 48, of Keller; and Kelvin Kidd, 50, of Mansfield are all charged with hatching an elaborate scheme that mostly involved falsified loan documents originating in the subprime mortgage market.

The case stems from an anonymous letter that …

Tags: Chekeelah Phelps Fraud Mortgage Subprime Loans

Permalink: /loans-mortgages/five-accused-of-mortgage-fraud-in-texas/

… mogul Denny Hecker has been sued by bankruptcy trustee Randy Seaver who accuses Hecker of lying, fraud and scheming to conceal cars, cash, property and other assets from the bankruptcy court.

If Seaver has his way, Hecker won’t be allowed to use the protection of bankruptcy court to shield assets and escape the $767 million in debts he has amassed to scores of banks, casinos and other creditors around the country. Those creditors would then be free to fight for his $18.5 million in …

Tags: Bankruptcy Denny Hecker Fraud Lawsuit Randy Seaver

Permalink: /lawsuits/auto-dealership-mogul-denny-hecker-faces-bankruptcy-fraud-charges/

… 1.4 million bankruptcy filings this year but the numbers of prosecutions for criminal bankruptcy fraud have declined.

U.S. authorities prosecuted the fewest number of people and companies for criminal bankruptcy fraud this year since at least 1986, even as filings rose amid the worst economic crisis since the Great Depression.

The FBI, which is the primary agency that probes such cases, says it is putting more emphasis on other white-collar crimes, including securities and mortgage …

Tags: Bankruptcy Economy Fraud

Permalink: /bankruptcy/more-bankruptcy-filings-%e2%80%93-fewer-bankruptcy-fraud-cases/

… Randall Simmons a 44 year old debtor who filed for bankruptcy has been charged with bankruptcy fraud.  Federal authorities stated that Simmons filed bankruptcy and attempted to defraud the system by concealing assets that he should have disclosed. Specifically, Simmons allegedly failed to report $95,000 he received from the sale of an asset that should have been part of his bankruptcy estate. Simmons could receive a fine of up to $250,000 and five years in prison if convicted of …

Tags: Bankruptcy Fraud

Permalink: /filing_bankruptcy/debtor-accused-of-bankruptcy-fraud-faces-fine-and-imprisonment/

A debtor who filed for Chapter 7 bankruptcy was indicted on three counts of mail fraud and three counts of bankruptcy fraud for making false statements in her Chapter 7 bankruptcy petition.

The details of the bankruptcy case:

Chapter 7 bankruptcy debtor L.S. McGee had two different Social Security numbers, one in her name and one using an alias.  Because the debtor worked as a bookkeeper, she was able to use her position get paid unemployment insurance benefits under …

Tags: Bankruptcy Fraud Full Disclosure

Permalink: /filing_bankruptcy/debtor-indicted-for-bankruptcy-fraud/

… your bankruptcy discharge to be denied or it could cause you to be fined, charged the bankruptcy fraud or imprisoned.

Category: Bankruptcy , Bankruptcy Fraud , Filing Bankruptcy

Tags: Bankruptcy dishonest Fraud Property

… banks out of tens of millions of dollars  and was arrested in Texas as federal prosecutors pursue fraud charges. The restaurant owner was forced into bankruptcy by creditors last year with more than $60 million in claims against him.   And his arrest was due to allegedly securing nearly $18 million in loans using fake life insurance policies as collateral.

United Bank, a regional bank with 113 branches in the region, reported a $17.6 million write-off for el-Atari’s bad loans. For a …

Category: Bankruptcy Fraud , Breaking News , Economy

Tags: Fraud loans

The Tribune Co. which filed for Chapter 11 bankruptcy in December 2008, is being accused of fraudulent conveyance because of a $8.6 billion transaction before the company filed bankruptcy.

After an investigation that included getting documents from Tribune, the Official Committee of Unsecured Creditors formally asked U.S. Bankruptcy Court in Delaware for permission to file a complaint …

Category: Bankruptcy Fraud , Dallas Bankruptcy

Tags: bancruptcy Fraud

According to an article in the Star-Telegram, Federal authorities are creating a foreclosure fraud task force to investigate scams that continue to contribute to the economic crisis and the growing tide of foreclosures.

The article said:

“The task force will focus on “foreclosure rescue” schemes and “short sale” schemes.

Foreclosure rescue schemes prey on desperate homeowners by persuading them to sign over the deeds to their homes to a “specialist” who promises …

Permalink: /foreclosures/federal-task-force-to-fight-foreclosure-fraud/