A man recently pleaded not guilty to bankruptcy fraud
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Man pleads not guilty in bankruptcy fraud case


October 19, 2010


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Man pleads not guilty in bankruptcy fraud case

A California man recently pleaded not guilty to accusations that he committed fraud by hiding his assets from the IRS in his personal bankruptcy case, reports the Las Vegas Sun.

In September, James Dennis Territo was charged with bankruptcy fraud and concealment of assets, which are both felony offenses, in Las Vegas.

According to the recently filed indictment, Territo intentionally made false statements on his Chapter 7 personal bankruptcy filings.

Specifically, it is alleged that Territo claimed to only have $2,500 in assets in the bankruptcy filings but still controlled a corporate bank account at Nevada First Bank under the account name of Pacific Financial Services, Inc. that contained more than $100,000, reports the news source.

Prosecutors claim that Territo made the false statements in order to mislead the IRS.

Territo was released from custody on a personal recognizance bond after entering his not guilty plea before U.S. Magistrate Judge George Foley.

The news provider reports that Territo could receive five years in prison and a $250,000 fine if found guilty of the charges. 

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