Husband and Wife Plead Guilty to Charges of Failing to Disclose Assets in a Bankruptcy Proceeding

Michael and Mary Binns pled guilty on charges of bankruptcy fraud, United States Attorney Catherine L. Hanaway announced today.

Michael and Mary Ann Binns filed for bankruptcy in December 2003. In their bankruptcy filing, the Binnses said they had assets of less than $200,000 and liabilities of almost seven million dollars.

In his guilty plea, Michael Binns admitted that he concealed four retirement accounts at Putnam Investments; three insurance policies with Lincoln Financial; a Tiffin Allegro motor home; a Seebold boat; three motorcycles; a 2003 BMW X5; a jet ski and an all terrain vehicle from creditors and the bankruptcy court. Mary Ann Binns admitted that she made a false statement under oath by failing to list these items on documents filed with the bankruptcy court.

Michael Binns and his wife, Mary Binns, of Wildwood, Missouri, each pled guilty to one felony count of bankruptcy fraud. Both appeared before United States District Judge Stephen N. Limbaugh.

These charges carry a penalty range of five years in prison and a $250,000 fine on each count. Sentencing has been set for March 21, 2007.

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