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Man Sentenced on Bankruptcy FraudRobert J. Collins, 63, was sentenced by Chief United States District Court Judge Joseph F. Bataillon for his conviction on one count of bankruptcy fraud. Collins was sentenced to six months imprisonment, three years of supervised release, $190,000 restitution, and 60 hours of community service.
Collins had a banking relationship with Security National Bank in which his farm land and livestock in the O’Neill, Nebraska, area were pledged as collateral for various operating loans. While his financial condition was deteriorating, Collins was able to get a new loan from Security National Bank by pledging a significant amount of cattle he did not own. Despite the new loan, his financial condition continued to deteriorate to the point that Collins filed a Chapter 7 bankruptcy petition. The bankruptcy schedules filed by Collins falsely listed ownership of $2,000,000 worth of livestock. When the bank could not locate the livestock, the bank’s attorneys took the deposition of Collins in the bankruptcy case. During that deposition, Collins falsely testified under oath that he owned 3,000 head of cattle, but that those cattle had been given to another individual to manage and that Collins did not know where they were or how to contact this individual.
Bankruptcy fraud in violation of 18 U.S.C. §152. The maximum statutory penalty for this offense is 5 years of imprisonment and/or a $250,000 fine, and a term of supervised release of three years.
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