Dearborn Heights Man Pleads Guilty To Bankruptcy Fraudand Money Laundering
Adnan Hassan Tageddine, age 42, of Dearborn Heights, Michigan, pleaded guilty to three counts of Bankruptcy Fraud and one count of Money Laundering, United States Attorney Barbara L. McQuade announced today. Ms. McQuade was joined in the announcement by Special Agent in Charge Erick Martinez, Internal Revenue Service Criminal Investigation Division.
In August of 2009, Tageddine filed bankruptcy in Detroit, Michigan. The bankruptcy filing, which he declared under penalty of perjury, included a schedule of all of his personal property that he knew to be false. He failed to identify multiple luxury assets he owned which included luxury cars, jewelry and cash.
Special Agent in Charge Erick Martinez commended the work done by the IRS criminal investigator who unraveled Tageddine's scheme, adding "Hiding assets from the bankruptcy court is a very serious offense and is extremely costly to the American public."
A sentencing date was set for August 12, 2013 at 3:00 pm before U.S. District Judge Arthur Tarnow.
The maximum penalty for Bankruptcy Fraud Concealment of Assets is imprisonment of not more than five years and/or a $250,000 fine per each count and the maximum penalty for Laundering of Monetary Instruments is not more than 20 years and/or a $500,000 fine.
The investigation was prosecuted by Assistant U.S. Attorneys Richard Roble and Ross MacKenzie.