A Des Moines man, formerly the finance director of a business in his hometown, embezzled $1 million from his employer. That is not the end of the story, however. He has now filed for bankruptcy, court records show.
The embezzler worked for several companies, all owned by the same man, and in the course of his work took a great deal of money. Nonetheless, he recently filed for the liquidation of personal debts under the protection of Chapter 7 of the federal bankruptcy code. Chapter 7 allows one who owes a debt to discharge what he owes in exchange for giving up certain property to pay back the debt.
New York Criminal Lawyers have learned the Des Moines man, who called himself unemployed with no income whatsoever, had $203,650 in assets, like a $200,000 home (now foreclosed), and $705,822 in liabilities, which included $165,000 in state taxes and more than $350,000 in credit card debt or other unsecured debt. Fraud cases like this one are common in Queens and New York City.
The former finance director pleaded guilty in February 2010 to a single count of wire fraud. It was part of a plea deal – a federal grand jury had already indicted him for 33 counts of wire fraud, accusing him of sending $81,475 to Colombia and the Dominican Republic. He also admitted to embezzling money while acting as finance director with his previous employer.
He was first arrested in October 2009 in Miami. Customs officials had already stopped him in Bogota, Colombia – he had fled there after discovering law enforcement officials were looking for him.
A U.S. District Judge sentenced the Des Moines man to 15 months in prison and ordered him to pay $911,369 to his former employer. The 15-month sentence was a reduction from the standard term for such a crime, since it was the embezzler’s first criminal offense and he had already spent a good deal of time in jail.
The embezzler’s former employer has also been indicted, N York Criminal Lawyers have learned, in this case for federal wire fraud and conspiracy to commit wire fraud. They were attempting to defraud a number of insurance companies to take workers’ compensation premiums.
Everyone deserves their day in court, which is why New York Criminal Lawyers are so important. Who you choose as your representation is vital. Accept no lesser substitutes – call a New York Criminal Lawyer today. The Office of Stephen Bilkis and Associates can offer you support and guidance as well as a free consultation when you contact us at 1-800-NY-NY-LAW. We have offices in New York City, including Brooklyn, Queens, Manhattan, Staten Island and The Bronx and in Nassau County, Suffolk County and Westchester County.