Gerald Schuerer and Fay Schuerer have recently been convicted of bankruptcy fraud as the outcome of a six-day trial in Pensacola, Florida.
According to KCRG.com, the couple are Amana, Iowa natives that owned several businesses in the city. They reportedly faced financial difficulties linked to a convenience store venture that ended up going out of business. They allegedly moved to Florida due to the state's more lenient laws, and filed for bankruptcy there, the news source reports.
According to evidence presented at the couple's trial, they concealed about $380,000 of assets from the bankruptcy court, including cars, boats, jewelry and stocks. Before filing for bankruptcy, the couple allegedly staged sham sales to friends and relatives, planning to reacquire their assets once their debts had been discharged by a bankruptcy court.
The Schuerers have reportedly been released on bond. They have not yet been sentenced, but face maximum terms of 30 years in prison and a $500,000 fine, the news provider reports.
A prepared statement by United States Attorney Stephanie Rose said that the federal government plans to seek restitution for the couple's creditors.