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Federal Bankruptcy Fraud is a serious white‑collar crime that has four (4) basic forms. If you have been accused of or indicted, you need an experienced Federal Bankruptcy Criminal Defense Lawyer such as Nick Mudd.
First, debtors conceal assets to avoid having to forfeit them in the bankruptcy process.
Second, individuals are accused of intentionally filing false or incomplete forms.
Third, individuals may be accused of filing multiple times using either false information or real information in several states.
The fourth kind of bankruptcy fraud involves bribing a court‑appointed trustee.
Commonly, the U.S. Attorney will bring an additional charge for another crime, such as identity theft, mortgage fraud, money laundering, or public corruption.
The overwhelming majority of bankruptcy fraud involves allegations of the concealment of assets. Creditors can only liquidate those assets listed by the debtor; thus, if the debtor fails to reveal certain assets, the debtor can keep the assets despite having an outstanding debt. To further conceal the assets, businesses or individuals may attempt to transfer these unrevealed assets to friends, relatives, or an associate so that the asset cannot be located. This type of fraud raises the risk and costs associated with lending and becomes passed on to others who wish to borrow money. Multiple filing fraud consists of filing for bankruptcy in multiple states, using the same name and information, using aliases and fake information, or some combination thereof. Multiple filings slow down the court systems ability to process a bankruptcy filing and liquidate the assets. Often, multiple filings provide more cover for a debtor trying to engage in the concealment of assets.
Bankruptcy fraud is a federal criminal offense. Federal prosecutors indict under 18 U.S.C. 151. Proof of fraud requires showing that the defendant knowingly and fraudulently made a misrepresentation of material fact. Bankruptcy fraud carries a sentence of up to five years in prison, or a fine of up to $250,000, or both.
- F.B.I. Bankruptcy Fraud Website
- U.S. Attorney’s Manual on Bankruptcy Fraud Cases
- IRS Bankruptcy Fraud Investigations
If you have been accused of or doing indicted on Federal Bankruptcy Fraud, exercise your fifth amendment right to silence and your sixth amendment right to counsel and call or text Federal Bankruptcy Criminal Defense Lawyer Nick Mudd 24/7 at 502-536-8062