Adrian Hassan Tageddine of Dearborn Heights, MI, could face up to two decades in federal prison for bankruptcy fraud. Tageddine has pleaded guilty to money laundering and hiding his assets during his bankruptcy filing in 1999. If convicted, Tageddine could spend over 20 years in federal prison for his serious offense, according to the IRS. The sentencing date will occur in August 2013 with U.S. District Judge Arthur Tarnow making the final decision. A $500,000 million fine may replace or even accompany the prison time.
Tageddine Strategically Hid Assets During Bankruptcy Filing
The extent of Tageddine’s bankruptcy fraud is what ultimately led to an investigation by the IRS. During his bankruptcy filing, Tageddine purposefully hid cash, cars, jewelry, and other expensive assets. According to the IRS, not only was the money laundering and hiding of assets a serious federal offense, but it was also costly for the American Public as well. Assistant U.S. Attorneys Richard Roble and Ross MacKenzie performed the investigation.
Had Tageddine worked with a bankruptcy lawyer, he may have been forced to reveal his assets and avoided this situation. This is a reminder for bankruptcy filers everywhere to work with a bankruptcy lawyer to avoid fraud and conscientiously work to disclose all their assets.
Bankruptcy Fraud Concealment of Assets is punishable by imprisonment by no more than 5 years and/or $250,000 per incident. Alongside these punishments, Tageddine also faces the penalty for Laundering of Monetary Instruments, which is limited to 20 years of prison and/or $500,000. By working with a bankruptcy lawyer, you can ensure that you file bankruptcy legally and disclose all your assets and any other important aspects of your financial profile.