By: Gerri Elder
May 31, 2011
Former New England Patriots player Rick Sanford has agreed to plead guilty to bankruptcy fraud for failing to include a condominium holding on his bankruptcy petition, according to published reports.
Sanford, who is now a practicing chiropractor in South Carolina, filed for Chapter 7 bankruptcy in 2009. In the petition he listed his assets at $2.1 million and liabilities at $2.8 million. However, authorities discovered he also had a $70,000 ownership interest in a Colorado condo.
Sanford pled guilty to an "information" charge regarding the fraud, according to The State, which said it is a federal charge a defendant does not dispute. By agreeing to plead guilty, Sanford waived his right to be indicted and go to trial.
If Sanford is convicted he could be sentenced to up to five years in federal prison, a $250,000 fine and three years of supervised release. A date for the formal guilty plea has not yet been set.
Sanford played professional football for the New England Patriots and the Seattle Seahawks between 1979 and 1985. He was drafted by the Patriots in the first round of the 1979 NFL draft.
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