Tuesday, the FBI arrested eight people in Florida for an estimated $3 million dollars of bankruptcy fraud. The suspects, who include married couples with families, were believed to have hid their money and assets or illegally transferred them out of their names before filing bankruptcy.
Federal agents said that one of the couples arrested at their condo in Miami Beach liquidated a certificate of deposit for nearly $150K and subsequently filed for bankruptcy without reporting the transaction.
Among the remaining suspects, one man transferred $160K worth of assets, including a boat and a Jeep Wrangler before filing Chapter 7 and another couple hid $2 million in assets, which included a sizable tax refund, jewels and furs.
According to the U.S. Attorneys Office, Tuesdays bankruptcy fraud roundup is an effort to protect the integrity of the bankruptcy system for those who truly need it.
Source: CBS MIami, “FBI Raid Ends In Arrests For Bankruptcy Fraud”, By Natalia Zea, May 17, 2016.