Bossier City man sentenced to 10 months in prison for bankruptcy fraud
SHREVEPORT, La. – United States Attorney Stephanie A. Finley announced today that a Bossier City man was sentenced to 10 months in prison for concealing his business assets during bankruptcy proceedings.
John M. Santoro, 43, of Bossier City, La., was sentenced by U.S. District Judge Elizabeth E. Foote on one count of concealment of assets in a bankruptcy proceeding. He was also sentenced to one year of supervised release. According to evidence presented at the April 7, 2015 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.
The FBI conducted the investigation. Assistant U.S. Attorneys Brandon B. Brown and Cytheria D. Jernigan prosecuted the case.