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Iowan Pleaded Guilty to Bankruptcy Fraud
CEDAR RAPIDS, Iowa (AP) - A Montour man faces up to five years in prison when he sentenced later this year for bankruptcy fraud.
The U.S. Attorney’s Office for the northern Iowa district says 51-year-old Jay Freese pleaded guilty and was convicted Wednesday of hiding assets from his creditors.
Freese had filed for bankruptcy protection in September 2009 and was required to disclose all of his assets. Freese admitted Wednesday that he kept a skid loader and a tractor he had claimed to have sold.
Freese will be sentenced at a later date, when he also faces up to a $250,000 fine.