Ex-Worldwide CEO Cops To Hiding Assets From US Trustee

Law360, New York (September 20, 2011, 11:50 AM EDT) -- The former CEO of mortgage originator Worldwide Financial Resources Co. pled guilty to bankruptcy fraud on Monday in New Jersey federal court, admitting he hid $200,000 worth of assets, including 511 bottles of wine worth roughly $45,000, from the U.S. trustee.

David Findel, who as chief executive of Worldwide Financial perpetrated an $11 million fraudulent loan scheme, faces five years in prison and a $250,000 fine on the bankruptcy charge. He pled guilty to the loan fraud in October 2010.

Findel, 46, filed for individual Chapter...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.