Bossier City Man Pleads Guilty To Bankruptcy Scams

SHREVEPORT, LAUnited States Lawyer Stephanie A. Finley announced today that a Bossier City man pleaded guilty to concealing his business assets throughout bankruptcy procedures.

John M. Santoro, 43, of Bossier City, La., pleaded guilty before United States District Judge Elizabeth E. Foote to one count of concealment of assets in a bankruptcy case. According to evidence presented at the guilty plea, Santoro filedapplied for Chapter 7 bankruptcy protection on Might 20, 2011, as the owner and for Santoros Catering Inc. After filing, Santoro had a third celebrationa 3rd party offer a 2007 Dodge Ram 3500, which belonged to Santoros Catering Inc., and also sold a few of the companys catering equipment. Santoro failed to disclose the existence of the truck and the catering devices to the bankruptcy trustee or list it on his bankruptcy petition. In bankruptcy procedures, debtors are needed to completely disclose all assets and liabilities.

Santoro deals with a maximum of five years in jail, 3 years of supervised release, and a $250,000 fine. A sentencing date of July 6, 2015 was set.

The FBI carried out the examination. Assistant US Lawyer Brandon B. Brown and Cytheria D. Jernigan are prosecuting the case.