A Bergen County man today admitted concealing assets from a bankruptcy trustee, Acting U.S. Attorney Rachael A. Honig announced.
According to federal officials, Victor Osorio, 53, of Cresskill pleaded guilty to an information charging him with one count of bankruptcy fraud.
According to documents filed in this case and statements made in court:
On February 16, 2017, Osorio filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of New Jersey.
In his petition and accompanying Schedules of Assets and Liabilities, Osorio declared that he did not have an ownership interest in any incorporated or unincorporated businesses.
In so doing, Osorio failed to disclose that he had an ownership interest in both Business-1 and Business-2. Approximately seven months earlier, Osorio had filed a Chapter 11 bankruptcy petition for Business-1, in which he declared that he was Business-1’s sole owner.
Osorio also declared that he did not own or have an interest in any checking, savings, or other financial accounts, failing to disclose a bank account in the Dominican Republic in which he had an interest.
In connection with the petition, on Feb. 24, 2017, Osorio filed amended Schedules of Assets and Liabilities, which disclosed a partial ownership interest in Business-1. That declaration was inconsistent with information contained in Business-1’s Chapter 11 bankruptcy proceeding, in which Osorio declared that he was the sole owner of Business-1.
The amended schedules also failed to disclose Osorio’s ownership interest in Business-2 and the bank account in the Dominican Republic.
The bankruptcy fraud charge carries a maximum potential penalty of five years in prison and a $250,000 fine or twice the gross gain or loss from the offense. Sentencing is scheduled for June 28.