A federal grand jury returned a 24-count indictment on former Enron Executive
Jeffery Adam Shankman, 46, that included concealing assets with bankruptcy
fraud. He is expected to make his appearance before a U.S magistrate judge
upon turning himself in to authorities. His charges include purposely
hiding assets from creditors and the bankruptcy trustee who was appointed
to collect and dispose them.

When debtors file
bankruptcy they are required to disclose all details about their finances and assets.
This includes completing required documents in an honest manner. The statements
and schedules debtors complete include details about current income, recent
payments made, liabilities, anticipated payments, and so on.

When documents are signed they are certified under penalty of perjury;
in other words the debtor claims the information they provided was true
and correct. This information is important as it helps the bankruptcy
court assess your circumstances to determine a fair outcome. Debtors are
also required to detail information about their creditors. This aspect
is what gives creditors a fair opportunity to participate in the proceedings.

Shankman worked at Enron until its collapse in 2001 as head of Global Markets
Division and the Art Committee of Enron. Shankman filed Chapter 7 bankruptcy
in fall 2008. He is accused of concealing, transferring and selling assets
such as jewelry, fine art and other assets without consent, approval or
knowledge of the bankruptcy court or his trustee. The value of the assets
in question was close to $1 million.

If convicted he faces a possible $250,000 fine and up to five years in
prison for each count.


Consult a bankruptcy lawyer today