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Former Huntley man indicted on bankruptcy fraud charges

HUNTLEY – A former Huntley man was indicted Tuesday by a federal grand jury on bankruptcy fraud charges.

Tracy L. Sunderlage, 71, was charged with making false statements in a bankruptcy case and making false statements under oath of a bankruptcy proceeding, according to a news release from the U.S. attorney for the Northern District of Illinois.

Sunderlage filed a Chapter 11 bankruptcy petition, various bankruptcy schedules and a statement of financial affairs, signed under the penalty of perjury, in August 2011, according to the indictment.

In the statement of financial affairs, Sunderlage allegedly made concealed fraudulent transfers of 100,000 shares of Gulf Keystone Petroleum, more than $173,000 in transfers to a relative, a receipt of $241,000 in income from the sale of ownership interest on Gulf Keystone, a receipt of $25,000 in income from the sale of ownership interests with other companies, and personal property interests and his Jaguar, according to the indictment.

Sunderlage also allegedly falsely testified under oath at a meeting in May 2012 with creditors, according to the indictment.

Each charge has a maximum penalty of up to five years in prison, a three-year supervision term and fines up to $250,000, or twice the gain or loss from the offense, whichever is greater, according to the release.

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