A real estate developer who allegedly embezzled money from some properties filed for bankruptcy.
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Former Idaho real estate broker has bankruptcy debts discharged

By July 01, 2011

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Jerry Gunstream filed for personal bankruptcy.

A U.S. bankruptcy court in Idaho has discharged the debts of real estate broker Jerry Gunstream, who admitted taking hundreds of thousands of dollars from properties he managed when he filed for bankruptcy protection in November, according to the Idaho Press-Tribune.

The bankruptcy court discharged Gunstream's file on June 3, clearing him of a large portion of the $2.1 million he owed to more than 100 different creditors. Airport Partners of Oregon, the owners of a Nampa strip mall managed by Gunstream, has disputed the order, claiming the money Gunstream owes them should not be discharged due to fraud, the newspaper reports. The company claims Gunstream took $125,000 from an account created to manage the shopping center.

Idaho State Police detectives are still tracking Gunstream's funds and collecting evidence. The news source said investigators expect to wrap up the case by the end of July, after which the Ada County Prosecutor's Office will review the investigation and determine if any charges against Gunstream are appropriate.

Gunstream served as the city of Nampa's director of finance and administration for two years before forming Gunstream Commercial Real Estate in 2000, according to the media outlet.

In his Chapter 7 bankruptcy petition, Gunstream claimed he was almost destitute, listing $3,433 in assets. Those assets included a 1995 Chevrolet truck worth about $1,500, $350 in clothing, computer equipment worth $450 and a $100 set of golf clubs, according to a previous report from the newspaper.


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