The Las Vegas Sun reports on the case of a Tiburon man who filed bankruptcy and tried to hide assets from the IRS and other creditors.
Really bad idea.
James Dennis Territo, 59, of Tiburon, Calif., was indicted Sept. 28 in Las Vegas on charges of bankruptcy fraud and concealment of assets, both felony offenses. If convicted, he faces up to five years in prison and a $250,000 fine on each count.
According to the indictment, Territo "knowingly made false statements" in his Chapter 7 petition by claiming he had total assets of only $2,500. The truth? Slightly different, the indictment alleges:
He owned and controlled a corporate bank account at Nevada First Bank in the name of Pacific Financial Services, Inc., which contained more than $100,000. It is alleged that Territo hid the assets to defraud the IRS and other creditors.
