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Sept. 27, 2012

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Former Houston Businessman Convicted of Bankruptcy Fraud

HOUSTON - Jimmy Wayne Sissom, 46, has entered a plea of guilty to one count of bankruptcy fraud, United States Attorney Kenneth Magidson announced today. Sissom, of Bastrop, was the owner of Dealers Management Group Inc., a used car company located in Houston and a partner in F&S Storage Company in Katy.

Sissom filed a Chapter 7 bankruptcy petition in May 2006. During the course of the bankruptcy proceeding, Sissom stated to the trustee that he had listed all of his assets in his estate. However, he failed to disclose that approximately two weeks prior to the bankruptcy filing, his wife had purchased a home valued in excess of $300,000 which was located in Bastrop.

Sissom admitted today he made a false statement to the trustee about his assets.

U.S. District Judge Sim Lake, who accepted the guilty plea, has set sentencing for Dec. 14, 2012, at which time he faces up to five years in federal prison and a possible $250,000 fine. Sissom was permitted to remain on bond pending that hearing.

FBI investigated and Assistant United States Attorney Quincy L. Ollison prosecuted the case with the assistance of the United States Trustee’s Office.