Jay Freese Sentenced

Jay Freese, a man from Montour, Iowa, has been sentenced to 18 months in federal prison for concealing assets from the bankruptcy court and lying under oath before a bankruptcy judge.

Freese pleaded guilty to one count of concealing assets in a bankruptcy case on February 18, 2014. He admitted to filing for bankruptcy protection in 2009 in the United States Bankruptcy Court for the Northern District of Iowa, but failed to disclose his ownership of a Bobcat skid loader and a Kubota tractor.

When questioned under oath before a federal bankruptcy judge, Freese lied about the assets, claiming he had sold them to another person. This blatant disregard for the law has resulted in a significant sentence, including a $5,000 fine and a $100 special assessment.

The sentence was handed down by United States District Court Chief Judge Linda R. Reade in Cedar Rapids. Freese will also be required to serve a three-year term of supervised release after his prison term. It’s worth noting that there is no parole in the federal system, so Freese will be required to serve the entirety of his sentence.

This case was investigated and prosecuted as part of the Bankruptcy Fraud Task Force in the Northern District of Iowa. The task force is dedicated to rooting out and prosecuting financial crimes, and this sentence serves as a testament to their hard work and dedication.

The case was prosecuted by Assistant United States Attorney C.J. Williams and investigated by the Federal Bureau of Investigation and the Office of United States Bankruptcy Trustee. Court file information is available at https://ecf.iand.uscourts.gov/cgi-bin/login.pl, with the case file number 14-cr-14-LRR.

Freese was released on bond and is set to surrender to the Bureau of Prisons on a date yet to be determined. As he begins his sentence, it’s a stark reminder that financial crimes will not be tolerated and those who engage in such activities will be held accountable.