Peter Foy Pleads Guilty To Bankruptcy Fraud
The United States Attorney for the District of Vermont announced that Peter Foy, 61, of Alburg, pleaded guilty today in United States District Court in Burlington to a charge that he concealed assets in his bankruptcy case. U.S. District Judge William K. Sessions III released Foy on conditions pending sentencing, which is set for October 13.
On June 9, 2015, the United States filed a one-count information charging Foy with bankruptcy fraud. According to the charging document, in November 2014, Foy filed a chapter 7 bankruptcy petition in the United States Bankruptcy Court for the District of Vermont. The petition sought to discharge all of Foy's unsecured debts. In his petition and accompanying schedules, which Foy swore were complete and accurate, Foy was required to disclose all his assets and liabilities, including any real estate he owned. Foy did disclose the home he owned in Vermont, but not a second house he owned in Quebec, Canada. Foy had acquired sole title to that five-bedroom lakefront property in 2007. Before filing for bankruptcy, Foy had listed the Quebec house for sale at a price of nearly $340,000 (Canadian). Foy also failed to disclose to the Bankruptcy Court that the Canadian property had reportedly generated rental income of $22,500 in 2013 and $20,300 in 2014.
Foy faces up to five years of imprisonment and a fine of up to $250,000. His actual sentence will be determined with reference to federal sentencing guidelines.
This case was investigated by the Federal Bureau of Investigation.
Foy is represented by Norman Blais. The prosecutor is Assistant U.S. Attorney Gregory Waples.