Peter Foy Sentenced For Bankruptcy Fraud
The United States Attorney for the District of Vermont announced that Peter Foy, 62, of Alburg, was sentenced today in United States District Court in Burlington to one year of probation following his guilty plea to a charge that he concealed assets in his bankruptcy case. U.S. District Judge William K. Sessions III also ordered that Foy pay a fine of $3000.
On June 22, 2015, Foy pleaded guilty to a one-count information charging him 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. A subsequent appraisal of the property showed that it had a fair market value of only about $204,000 and was encumbered by a mortgage of about $175,000.
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.