New Jersey Man Caught in the Midst of Massive Bankruptcy Fraud
Tap to Call - (877) 250-8242

New Jersey Man Caught in the Midst of Massive Bankruptcy Fraud

March 7, 2012

By

Share this article

SHARE

 

Federal officials have accused a former New Jersey resident of hiding at least $1.5 million in assets from a bankruptcy court in one of this year’s biggest bankruptcy fraud accusations, according to a report from Patch.com.

Sources indicate that 39-year-old Bryan Young, who used to live in Toms River, New Jersey but has since migrated to Venice, Florida, turned himself in to FBI agents in Newark this week after his bankruptcy filing went awry.

Young is facing two counts of bankruptcy fraud after hiding the assets, which included more than $250,000 in various sales from eBay. Later this week, Young will make his initial appearance before a bankruptcy judge in Newark.

Federal officials grew suspicious soon after Young first filed his bankruptcy petition in November 2008. The petition omitted key assets like his personal vehicle and his large earnings from Internet sales over eBay.

Sources say that federal officials have also accused Young of "failing to disclose the existence of four financial accounts – or that any of these accounts were closed as of the date of the filing of his petition – with total balances of more than $650,000."

Young, allegedly, was not content to conceal just his financial accounts and eBay earnings. Federal authorities are also accusing him of concealing his purchase of $13,000 worth of furniture and a $10,000 truck during his bankruptcy proceedings.

For his actions, Young faces a maximum possible sentence of five years in prison and a $250,000 fine.

For consumers on their way to bankruptcy court, the lesson to derive from Young’s adventures with the law is that every effort should be made to be thorough and honest in bankruptcy paperwork.

Minor oversights may be forgiven by a court, but wildly fraudulent statements and important financial information that goes missing could subject filers to possible criminal punishment.

Without gathering accurate records of a person’s financial assets and debts, a bankruptcy trustee would not be able to help the filer get as much debt relief as they are entitled to during the bankruptcy process.

Bankruptcy fraud slows a court down, hampers its ability to make sound financial decisions, and puts the filer in danger of experiencing severe consequences.


Back to Newspaper Home


Tap to Call - (877) 250-8242

Copyright © 2018 MH Sub I, LLC. All rights reserved. ® Self-help services may not be permitted in all states. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising. In some states, the information on this website may be considered a lawyer referral service. Please reference the Terms of Use and the Supplemental Terms for specific information related to your state.Your use of this website constitutes acceptance of the "Terms & Conditions", "Supplemental Terms", "Privacy Policy" and "Cookie Policy."