Peter Foy, Bankruptcy Fraud, Vermont 2015

Burlington, Vermont – Peter Foy, a 62-year-old resident of Alburg, Vermont, has been found guilty of concealing assets in his bankruptcy case.

On June 22, 2015, Foy pleaded guilty to a one-count information charging him with bankruptcy fraud in United States District Court in Burlington.

According to the charging document, in November 2014, Foy filed a chapter 7 bankruptcy petition in the United States Bankruptcy Court for the District of Vermont, seeking to discharge all of his unsecured debts.

In his petition and accompanying schedules, which Foy swore were complete and accurate, he was required to disclose all his assets and liabilities, including any real estate he owned. However, he did not disclose a second house he owned in Quebec, Canada, which had a fair market value of approximately $204,000 and was encumbered by a mortgage of about $175,000.

Foy also failed to disclose to the Bankruptcy Court that the Canadian property had reportedly generated rental income of $22,500 in 2013 and $20,300 in 2014.

U.S. District Judge William K. Sessions III sentenced Foy to one year of probation and ordered him to pay a fine of $3,000.

The case was investigated by the Federal Bureau of Investigation, and Foy is represented by Norman Blais. Assistant U.S. Attorney Gregory Waples served as the prosecutor.

Foy’s failure to disclose his assets in his bankruptcy case is a serious offense that can have significant consequences for individuals who attempt to deceive the bankruptcy court.

The United States Attorney’s Office for the District of Vermont is committed to enforcing the laws that protect the integrity of the bankruptcy system and holding individuals accountable for their actions.

The investigation and prosecution of this case are a testament to the dedication and expertise of the Federal Bureau of Investigation and the United States Attorney’s Office.

Related Federal Cases