News and Press Releases

Manahawkin woman in court to answer charges of bankruptcy fraud and structuring



FOR IMMEDIATE RELEASE
September 16, 2011


 

TRENTON, N.J. – A Manahawkin, N.J., woman who was indicted for her role in refusing to return the proceeds of an investment she had made in a Ponzi scheme and structuring the withdrawal of money from bank accounts surrendered to law enforcement authorities today, U.S. Attorney Paul J. Fishman announced.

Marjorie Parise, 51, was arraigned before U.S. Magistrate Judge Tonianne Bongiovanni in Trenton federal court. Parise had been indicted Sept. 8 on two counts of bankruptcy fraud and one count of structuring. She was released on $100.000 bail.

According to the indictment:

In 2003, Parise and her husband invested $115,750 with a company known as Global Trading Investments, LLC, and received profits totaling $429,154.91 in return. The owners of Global Trading were operating a Ponzi scheme and the profits that Parise received were actually the investments of other individuals. Global Trading subsequently filed for Chapter 7 bankruptcy protection.

On August 24, 2006, a judgment was entered against Parise requiring her to return the profits she had made from her investments in the scheme. However, Parise took numerous steps to fraudulently conceal a significant amount of funds and assets from the bankruptcy trustee, including making false statements and omissions during a deposition in the bankruptcy proceeding.

Parise also took other steps to avoid detection and to keep assets from being seized as part of the bankruptcy proceeding. From from Sept. 14, 2006, through Dec. 8, 2006, she withdrew at least $455,850 in cash from the bank accounts which had not been disclosed to the trustee. In this approximately 85-day period, Parise made 67 currency withdrawals, none of which exceeded the $10,000 threshold for the filing of Currency Transaction Reports. In November 2006 Parise transferred ownership of her residence from her name only to the names of both her and her husband, and increased the home equity line of credit on the home.

On July 7, 2008, Parise filed for individual Chapter 7 bankruptcy protection. On her bankruptcy petition, she fraudulently failed to report millions of dollars in real estate holdings plus hundreds of thousands of dollars worth of personal assets.

U.S. Attorney Fishman credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Victor W. Lessoff in Newark, with the investigation.

The charges and allegations contained in the Indictment are merely accusations and the defendant is presumed innocent unless and until proven guilty.

The government is represented by Assistant U.S. Attorney R. Joseph Gribko, of the U.S. Attorney’s Office Criminal Division in Trenton.

11-375                                                                                        

Defense counsel: Michael Pinsky Esq., Haddon Township, N.J.

Parise, Marjorie Indictment

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