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

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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

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


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

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