David Saks: Former Football Player Sentenced for Bankruptcy Fraud Involving Condominium Interest

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Former Football Player Sentenced for Bankruptcy Fraud Involving Condominium Interest

Former Football Player Sentenced for Bankruptcy Fraud

U.S. Attorney’s Office
District of South Carolina 

COLUMBIA, SC—United States Attorney Bill Nettles stated today that Richard Francis Sanford, age 54, of Lexington, pled guilty in federal court in Columbia to bankruptcy fraud, a violation of Title 18, United States Code, Section 152(1), and was sentenced to two years’ probation, 30 days of home confinement, and 100 hours of community service. Senior United States District Judge Matthew J. Perry, Jr., presided.

Evidence presented at the change of plea hearing established that Sanford is a chiropractor and former professional football player who attempted to file for bankruptcy under Chapter 7 of the bankruptcy code.

As part of the bankruptcy filing, he had to disclose all of his assets.

On February 17, 2009, in a filing to the bankruptcy court, Sanford knowingly omitted the fact that he had a one-quarter interest in a condominium in Vail, Colorado.

That interest was ultimately sold for $70,000.

When confronted with this omission by the trustee, he withdrew his petition.

As a result, his debts have not been discharged in bankruptcy.

The case was developed by the Office of the United States Bankruptcy Trustee and ultimately turned over to the Federal Bureau of Investigation.

Assistant United States Attorney Winston D. Holliday, Jr., of the Columbia office prosecuted the case.

Courtesy FBI




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 2 commentsDavid Saks • July 22 2011 11:39PM

Comments

Hmmm, there is some more to this story....it would not have been Sanford's call to withdraw the petition.  Immediately upon filing the Chapter 7 petition , the assets are under the exclusive jurisdiction of the trustee.  Sanford could not withdraw the petition, the trsutee had to do it....

Posted by Paddy Deighan JD PhD, Paddy Deighan J.D. Ph.D (TimeshareLawyers.pro) about 9 years ago

Bankruptcy filings allow creditors to object to specific debts in the plan or the repayment or cancellation in its entirety.

In this instance, the petitioner requested the withdrawal of his petition. Did the trustee concur with the request since the debts have not been discharged in bankruptcy ?

Under Chapter 7 creditors generally have 60 days after the first creditors meeting to object to the discharge of a specific debt. If no objections are filed, then the court issues the discharge order, the trustee collects and sells the assets and then distributes the proceeds to the creditors under whatever predetermined schedule is appropriated. If there are objections, the bankruptcy proceedings, less the objected debt(s), continues. Would a trial or a hearing have been necessary to resolve objectionable issues ?

Not so in Sanford's case. Why ?  He pled guilty in federal court in Columbia to bankruptcy fraud at the change of plea hearing.

Posted by David Saks ((retired)) about 9 years ago

This blog does not allow anonymous comments