O'Fallon, Missouri Couple Indicted on Bankruptcy Fraud Charges
St. Louis, MO – David and Mung Nguyen were indicted on charges involving a bankruptcy scheme and concealing assets.
According to the indictment, David and Mung Nguyen filed for bankruptcy in March 2015. In preparation for the bankruptcy filing, they purchased valuable household goods and furnishings, apparel, handbags and jewelry, and made over $25,000 in credit card cash withdrawals. The indictment states that they failed to list at least $100,000 of these items as assets on the bankruptcy petition. Additionally, after filing the petition for bankruptcy, David Nguyen filed a claim with AAA auto insurance company for damage caused to his 2011 Mercedes, and received payment for the damage. He failed to notify the trustee that he received the payment, and he did not use the money to have the car repaired.
David Nguyen and Mung Nguyen, both of O’Fallon, MO, were indicted by a federal grand jury on July 27 on one felony count each of bankruptcy fraud, making false statements in bankruptcy and concealment of bankruptcy assets. They are expected to appear in federal court this afternoon.
If convicted, each count of the indictment carries a maximum penalty of five years in prison and/or fines up to $250,000. In determining the actual sentences, a judge is required to consider the U.S. Sentencing Guidelines, which provide recommended sentencing ranges.
As is always the case, charges set forth in an indictment are merely accusations and do not constitute proof of guilt. Every defendant is presumed to be innocent unless and until proven guilty.