Thursday, November 3, 2011

And also, don't hide your assets!


Bankruptcy fraud, never a good idea the Feds take that shit seriously.

New Braunfels businessman indicted in bankruptcy ploy
By Gullermo Contreras - Express-News

A federal grand jury in San Antonio on Wednesday indicted a New Braunfels businessman, charging him with bankruptcy fraud and structuring financial transactions to avoid scrutiny by creditors and the government.

The indictment said Jack T. Alves, 56, falsely stated in a bankruptcy court filing on May 23, 2008, the amount of cash he had in his possession was $4,000 when in fact, he knew he possessed substantially more cash which he concealed from the court and creditors.

The indictment further alleges that Alves engaged in a pattern of structuring bank deposits, totaling more than $100,000 in a 12-month period, to evade financial reporting requirements. According to the indictment, agents with U.S. Immigration and Customs Enforcement Homeland Security Investigations found that, from Feb. 24, 2010, until May 12, 2011, Alves made a total of 64 bank deposits, each between $5,000 and $8,100.