Former Houston Businessman Sent To Prison For Bankruptcy Fraud
HOUSTON - Jimmy Wayne Sissom, 46, has been ordered to federal prison following his conviction on 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. He pleaded guilty to the charge, Sept. 27, 2012.
Today, U.S. District Judge Sim Lake, who accepted the guilty plea, handed Sissom a 15-month sentence to be followed by three years of supervised release.
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 at the time of his plea that he made a false statement to the trustee about his assets.
Previously released on bond, Sissom was permitted to remain on bond and voluntarily surrender to a U.S. Bureau of Prisons facility to be determined in the near future.
FBI investigated and Assistant United States Attorney Quincy L. Ollison prosecuted the case with the assistance of the United States Trustee’s Office.