Disclose Your Assets When You File Bankruptcy

Fraud does not pay in Bankruptcy Court. You want to disclose all your assets when you file for Bankruptcy. Local man filed Chapter 7 in 1999 and did not disclose valuable assets, cars, jewelry and cash. He faces up to 20 years in Federal Prison.

Here is the article about the Dearborn Heights man from the Detroit Free Press:

A Dearborn Heights man pleaded guilty today to money laundering and bankruptcy fraud, admitting he hid luxury cars, jewelry and cash from the courts while claiming bankruptcy.

Adnan Hassan Tageddine, 42, was charged following a lengthy investigation by IRS agents, who unraveled a scheme that stretched back to 1999, when he filed bankruptcy in Detroit, authorities said.

The bankruptcy filing, which he declared under penalty of perjury, was supposed to include a list of all of his personal property. But he left out multiple luxury assets he owned, including cars, jewelry and cash, authorities said.

IRS Special Agent in Charge Erick Martinez said: “Hiding assets from the bankruptcy court is a very serious offense and is extremely costly to the American public.”

Tageddine will be sentenced Aug. 12. He faces up to 20 years in prison and a maximum $250,000 fine.

Comments Off

Comments are closed.