BOSTON - A Georgetown man was sentenced today in federal court for his role in a bankruptcy fraud scheme.
U.S. District Judge George A. O’Toole sentenced John Pregent, aka Jack Pregent, 61, to one year in prison, to be followed by one year of supervised release and a $10,000 fine. On Feb. 14, 2012, Pregent pleaded guilty to committing a bankruptcy fraud scheme.
Pregent owned the precision machine part manufacturing business Technical Fabrications, Inc. (“TechFab”) which operated in Newburyport until it filed for bankruptcy in 2010. Pregent engaged in a scheme to defraud TechFab’s creditors, bankruptcy trustee and the bankruptcy court by transferring certain TechFab assets, including equipment and ongoing business, to a newly-formed company. Pregent arranged for that new company to pay compensation for TechFab’s assets directly to himself, then filed a Chapter 7 bankruptcy for TechFab to discharge its debts all while concealing the pre-bankruptcy transfer of assets and the agreement to pay compensation for those assets to Pregent. Furthermore, Pregent failed to disclose the transfers and compensation agreement in TechFab’s bankruptcy pleadings and during his testimony before a meeting of creditors.
United States Attorney Carmen M. Ortiz and Richard DesLauriers, Special Agent in Charge of the Federal Bureau of Investigation - Boston Field Office made the announcement today. The case was referred for investigation by the U.S. Trustee’s Office in Boston. The case was prosecuted by Assistant U.S. Attorney Mark J. Balthazard of Ortiz’s Economic Crimes Unit.