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StumbleMan pleads not guilty in fraud case for allegedly hiding assets
Monday, Oct. 18, 2010 | 5:55 p.m.
A California man pleaded not guilty today to fraud charges for allegedly concealing assets from the IRS and other creditors in his personal bankruptcy case, Nevada's U.S. Attorney Daniel Bogden said today.
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.
The indictment alleges that in 2005, Territo knowingly made false statements in his Chapter 7 personal bankruptcy petition by claiming he had total assets of only $2,500, when in fact he knew that 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.
Territo was arrested in Tiburon Oct. 7. He appeared Monday afternoon in Las Vegas before U.S. Magistrate Judge George Foley and was released on a personal recognizance bond after entering his plea.
The case is being investigated by IRS Criminal Investigation and prosecuted by Assistant U.S. Attorney J. Gregory Damm.
Discussion: 1 comments so far…
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So what. It's his money.
Simple solution.
Take away his access to the money and process it as an "unclaimed bank account".
After all, he filed a sworn affidavit in his bankruptcy saying that the money isn't his.
Would seem to leave him with two choices, stick with his testimony and kiss the money goodbye....or admit he lied and get the money and the jail time.