A 61-year-old Alburg man has been led behind bars for his role in a brazen bankruptcy fraud scheme, authorities revealed today.
Peter Foy, 61, pleaded guilty in United States District Court in Burlington to concealing assets in his bankruptcy case. U.S. District Judge William K. Sessions III released Foy on conditions pending sentencing, which is set for October 13.
According to court documents, Foy filed a chapter 7 bankruptcy petition in the United States Bankruptcy Court for the District of Vermont in November 2014, seeking to discharge all of his unsecured debts. However, Foy failed to disclose a second house he owned in Quebec, Canada, and also concealed rental income generated by the property.
The five-bedroom lakefront property in Quebec had reportedly generated rental income of $22,500 in 2013 and $20,300 in 2014. Foy had acquired sole title to the property in 2007 and listed it for sale at a price of nearly $340,000 (Canadian) before filing for bankruptcy.
Foy’s guilty plea comes after the Federal Bureau of Investigation (FBI) launched an investigation into the matter. The FBI’s investigation revealed that Foy had knowingly concealed assets in his bankruptcy case, which is a serious offense punishable by law.
Foy faces up to five years of imprisonment and a fine of up to $250,000. His actual sentence will be determined with reference to federal sentencing guidelines.
Foy is represented by Norman Blais, while Assistant U.S. Attorney Gregory Waples is leading the prosecution. The case is a stark reminder of the importance of honesty and transparency in financial dealings.
The sentencing is set for October 13, and the community is eagerly awaiting the outcome of the case. In the meantime, Foy remains free on conditions pending sentencing, a stark contrast to the life sentence he could face if convicted.
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Key Facts
- State: Vermont
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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