A Michigan man may face more than 20 years in federal prison after pleading guilty recently to charges related to money laundering and bankruptcy fraud. Adrian Hassan Tageddine, 42, of Dearborn Heights, admitted to authorities he hid assets including cash and luxury vehicles when he filed for bankruptcy in 1999.
Internal Revenue Service (IRS) agents completed a lengthy investigation behind Tageddine’s bankruptcy filing, which included a scheme dating back to 1999. In August 2009 he filed for bankruptcy protection. When debtors submit documents along with their petition you are required to submit information truthful about assets and personal property.
Tageddine filed under penalty of perjury when he purposely left out personal property and luxury items including cash, jewelry, and cars. Hiding assets is not only a serious offense, but its costly to the American public, according to the IRS.
Tageddine faces three counts of bankruptcy fraud concealment of assets and one count of money laundering, with possible fines up to $1.25 million. For each count of bankruptcy fraud he may face up to five years in prison with a $250,000 fine. The money laundering count carries a possible prison term of up to 20 years with a fine of $500,000. Tageddine will appear in court for sentencing in August 2013.
Bankruptcy is a powerful financial tool that can help you get your finances back on track. Being honest throughout the filing process may allow you to utilize exemptions to help protect personal property and assets of value.