Utah Woman Pleads Guilty to Bank Fraud and Concealment of Assets
COEUR D'ALENE – Nicolette P. Valentine, 37, of Liberty, Utah, pleaded guilty yesterday to bank fraud, concealment of assets in connection with a bankruptcy case and false statements under oath, 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 Mountain West Bank when she made material false statements which were relied upon by Mountain West Bank and caused them to lend her $43,766.27 to refinance a truck. Instead of paying off the existing loan on the truck so that Mountain West Bank could obtain clear title to the collateral, the Valentine deposited the proceeds into her bank account and used the money for living expenses.
In November 2011, Valentine and her husband and co-defendant, Cortney Valentine, contracted to sell 103 Festive Lane, Sagle, Idaho, to a third party for $1,150,000. Instead of the proceeds from the sale going into the bankruptcy estate because the property was part of the codefendant’s bankruptcy filing in May 2011, the Valentines used the money for living expenses. Nicolette Valentine acted knowingly, fraudulently and with the intent to deceive the creditor, trustee or bankruptcy judge. In May 2012, Nicolette Valentine, filed for relief under Chapter 13 of Title 11. During her bankruptcy proceedings, and while under oath, Nicolette Valentine made material false statements when questioned about various matters under the supervision of the bankruptcy court.
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 charges of false statement under oath and concealment of assets in connection with a bankruptcy case are 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 August 16, 2016, 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).