Jay Freese, Concealment of Bankruptcy Assets, IA, 2023

Montour, Iowa – In a stunning revelation from the federal courts, Jay Freese, 51, of Montour, has pleaded guilty to one count of concealment of bankruptcy assets. The case was heard in Cedar Rapids, where Freese admitted to hiding a Bobcat S175 skid loader and a Kubota tractor/loader from his creditors and the United States Bankruptcy Court.

Freese filed for bankruptcy protection in September 2009, a move that required full disclosure of his assets. However, he failed to mention the aforementioned equipment, which he falsely claimed had been sold during a bankruptcy hearing. Despite never parting with either item, Freese maintained possession and sought to deceive all parties involved.

Sentencing is pending, but Freese could face up to five years in prison, a fine of $250,000, a special assessment of $100, and three years of supervised release following any imprisonment. Assistant United States Attorney C.J. Williams is handling the prosecution, with investigations led by the United States Trustee’s Office and the Federal Bureau of Investigation.

The court file for this case can be accessed at https://ecf.iand.uscourts.gov/cgi-bin/login.pl, with the case file number listed as 14-CR-14-LRR. Freese remains free on bond until sentencing is determined.

Freese’s plea agreement and charges come as a stark reminder of the consequences faced by those who seek to deceive the judicial system and their creditors in times of financial distress.