HIDING ASSETS IN BANKRUPTCY CASE BRINGS PRISON TERM
January 8, 2003
Return To Archives
(Cedar Rapids-AP) — A Waterloo woman will spend a year in federal prison for fraudulently concealing property while filing for bankruptcy.
Sandra Risse was sentenced in U-S District Court in Cedar Rapids after she plead guilty in June.
The 40-year-old Risse admitted that after her husband died, she inherited a car and several motorcycles and placed the titles of some of them in other names. When she filed for bankruptcy, she didn’t list those vehicles.
From 1994 to 2000, Risse received supplemental Social Security income on behalf of her son. She claimed she owned only one car and a motorcycle, which she valued at 500 dollars.
Authorities say the vehicles Risse concealed were worth as much as 50-thousand dollars. She was ordered to pay the government 32-thousand dollars in restitution.
Copyright The Associated Press
