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...
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