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Justice News

Department of Justice
U.S. Attorney’s Office
District of Idaho

FOR IMMEDIATE RELEASE
Wednesday, November 2, 2016

Utah Man Pleads Guilty to Bank Fraud and Bankruptcy Fraud

COEUR D’ALENE – Cortney S. Valentine, 39, of Liberty, Utah, pleaded guilty yesterday to bank fraud and false declaration under penalty of perjury and concealment of assets in connection with a bankruptcy case, U.S. Attorney Wendy J. Olson announced.  Valentine was indicted by a federal grand jury in Coeur d'Alene on February 18, 2015.

 

According to the plea agreement, Valentine defrauded U.S. Bank when he made material false statements which were relied upon by U.S. Bank and caused U.S. Bank to lend him $362,000.  In the midst of the Valentine’s ever increasing debt and when creditors were attempting to foreclose on various properties, Valentine decided to keep the creditors at bay by filing bankruptcy.  Valentine and his wife filed for relief under bankruptcy separately and in different states.  In November 2011, Valentine contracted to sell a home to a third party for $1,150,000.  Valentine should have reported to the bankruptcy court any proceeds from the sale of the asset.  Instead, he used the money to support himself.  Valentine made numerous false statements on the bankruptcy filings and concealed the funds from the bankruptcy court that he received from the third party purchaser. 

 

Valentine’s wife, Nicolette P. Valentine, 37, of Liberty, Utah, pleaded guilty to bank fraud, concealment of assets in connection with a bankruptcy case and false statements under oath, on June 23, 2016She is scheduled to be sentenced on December 6, 2016, before Senior U.S. District Judge Edward J. Lodge.

  

The charge of bank fraud is punishable by up to 30 years in prison, a maximum fine of $1,000,000, and up to five years of supervised release.  The charge of false declaration under penalty of perjury in relation to a bankruptcy case is punishable by up to five years in prison, a maximum fine of $250,000, and up to three years of supervised release.  The charge of concealment of assets in connection with a bankruptcy case is punishable by up to five years in prison, a maximum fine of $250,000, and up to three years of supervised release. 

 

Sentencing is set for February 28, 2017, before Senior U.S. District Judge Edward J. Lodge at the federal courthouse in Coeur d'Alene.

 

The case was investigated by Federal Bureau of Investigation (FBI).

Topic: 
StopFraud
Updated November 2, 2016