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Prison time for a high asset divorce concealment of assets

A man has been sentenced in a high asset divorce for declaring bankruptcy and attempting to hide his assets in order to avoid paying alimony and child support to his ex-wife. He will be in prison for more than 17 years for this action. The 50-year-old man from California was told by a judge to pay a fine of $500,000 and to forfeit more than $2.8 million.

This is being reported as the longest prison term for bankruptcy fraud ever given by a judge. This act of fraud came out because the man who was hiding his assets from his ex-wife called the Federal Bureau of Investigation and requested that they investigate his ex-wife. The two people had two teenage children and have been divorced since 1999.

The court said of his actions that it seemed that the man believed that if he hid his true financial situation long enough, then he would never have to support his children. The man put most of his property in other people's names both before he filed bankruptcy as well as afterward. The bankruptcy was declared in 2005. The man had invested in a company that was into electrical infrastructure as well as real estate. He laundered the funds received from these investments through a company and also through his attorney's client-trust account and the attorney's personal bank account.

The man was convicted of 15 counts of bankruptcy fraud and money laundering. In such situations, even if not nearly as extreme as this one, it is clear that having a skilled attorney on your side is a wise decision. A professional who can represent your interests may be crucial.

Source: ABC News/Sacramento Bee, "Man who hid assets gets 17-year prison term" No author given, Mar. 05, 2014

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