Bankruptcy

Fed?s Seize 5 Million Cash

By mcbride

A couple who filed bankruptcy in 2004 have been charged with hiding assets and money laundering and income tax avoidance.  But that may only be part of their trouble.  Federal agents have seized over 5 million dollars in cash from their home in Colleyville, a DFW suburb. 

“Larry Lake, a pharmacist who also owns auto-related businesses, filed for bankruptcy in November 2004 and was discharged from bankruptcy in 2009, according to federal court documents.

The bankruptcy documents listed Lake’s estimated assets at zero to $50,000. The day before the bankruptcy filing, court documents say, he transferred about $3 million, moving about $2.7 million to a joint account with his wife and buying a cashier’s check made payable to her for $348,000.

He also filed various statements of financial affairs with the bankruptcy court, and these remained virtually unchanged during the course of the bankruptcy proceedings, the government alleges.” 

Here is a link: http://www.star-telegram.com/2010/10/05/2523267/feds-seize-millions-from-colleyville.html  Michael

Full post as published by Texas Lawyer Blog on October 06, 2010 (boomark / email).