Concealing assets in a bankruptcy case can have serious consequences, as an Iowa couple recently discovered. Elizabeth Ann Thayer, 61, of Runnells, Iowa, was sentenced to 32 months of probation for concealing assets belonging to her bankruptcy estate.
Elizabeth Thayer’s sentence, handed down by United States District Judge Stephanie M. Rose, also includes community service and a $100 payment to the Crime Victims’ Fund. Her husband, George Bradley Thayer, 66, was sentenced on December 14, 2016, for the same offense. He was ordered to serve 36 months of probation, including one year in home confinement, and to pay $100 to the Crime Victims’ Fund.
The Thayers’ troubles began on January 27, 2011, when they filed a joint individual Chapter 7 bankruptcy with the United States Bankruptcy Court for the Southern District of Iowa. However, they failed to disclose their continuing interest in 20 acres of farm property that they had conveyed to a relative on December 10, 2010. They also failed to disclose the transfer of the property, despite being obligated to do so in their bankruptcy filings.
On March 21, 2011, both George and Elizabeth Thayer falsely asserted to the bankruptcy trustee under oath that there had been no transfers of property to a relative within the last two years. This false statement was a key factor in their convictions for concealing assets in their bankruptcy case.
The investigation into the Thayers’ bankruptcy case was conducted by the Office of the United States Trustee. The case was prosecuted by the United States Attorney’s Office for the Southern District of Iowa. The sentences handed down by Judge Rose reflect the seriousness of the offense and the need to hold individuals accountable for their actions in bankruptcy cases.
The Thayers’ case serves as a reminder that bankruptcy fraud can have serious consequences, including fines, probation, and even imprisonment. It also highlights the importance of honesty and transparency in bankruptcy proceedings. Individuals who are considering filing for bankruptcy should be aware of their obligations to disclose all relevant information, including assets and property transfers.
For more information about this case, contact Rachel J. Scherle at 515-473-9300 or by emailing her at Rachel.Scherle@usdoj.gov. The Department of Justice and the United States Attorney’s Office are committed to prosecuting bankruptcy fraud and other financial crimes, and to protecting the integrity of the bankruptcy system.
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Key Facts
- State: Iowa
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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