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Local

Wonder Lake man admits bankruptcy fraud

ROCKFORD – A Wonder Lake man pleaded guilty Wednesday to bankruptcy fraud.

James Grossmayer, 51, filed for Chapter 7 bankruptcy in Sept. 19, 2008. In federal court in Rockford, Grossmayer admitted that he intentionally left out his ownership interest in a New York Life annuity totaling $25,000.

Grossmayer completed and signed the Schedule B bankruptcy forms, knowing they were false, according to a news release from the U.S. Department of Justice.

He was charged with making a false declaration under penalty of perjury in a bankruptcy case. The charge carries a maximum penalty of five years in prison and fines up $250,000, or twice the gross gain or gross loss resulting from the offense, whichever is greater.

Grossmayer is scheduled to be sentenced on Dec. 5.

The plea was accepted by U.S. District Judge Frederick J. Kapala.

– Chelsea McDougall

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