Bossier City man pleads guilty to bankruptcy fraud
SHREVEPORT, La. – United States Attorney Stephanie A. Finley announced today that a Bossier City man pleaded guilty to concealing his business’ assets during bankruptcy proceedings.
John M. Santoro, 43, of Bossier City, La., pleaded guilty before U.S. District Judge Elizabeth E. Foote to one count of concealment of assets in a bankruptcy proceeding. According to evidence presented at the guilty plea, Santoro filed for Chapter 7 bankruptcy protection on May 20, 2011, as the owner and for Santoro’s Catering Inc. After filing, Santoro had a third party sell a 2007 Dodge Ram 3500, which belonged to Santoro’s Catering Inc., and also sold some of the company’s catering equipment. Santoro failed to disclose the existence of the truck and the catering equipment to the bankruptcy trustee or list it on his bankruptcy petition. In bankruptcy proceedings, debtors are required to fully disclose all assets and liabilities.
Santoro faces a maximum of five years in prison, three years of supervised release, and a $250,000 fine. A sentencing date of July 6, 2015 was set.
The FBI conducted the investigation. Assistant U.S. Attorneys Brandon B. Brown and Cytheria D. Jernigan are prosecuting the case.