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Bankruptcy Fraud in the Spotlight?
As we all know, the feds continue to investigate and prosecute fraud in the financing, accounting and operation of businesses. The Second Year Report of the President's Corporate Fraud Task Force declares that over 500 corporate fraud convictions have been obtained to date and that charges have been brought against over 60 corporate CEOs or presidents. See www.usdoj.gov/ dag/cftf. However, executives and their counselors would do well to note that the government's will and ability to prosecute high-level management may not lessen just because a business is in extremis.
About 35,000 business bankruptcy petitions are filed each year, a little over 2% of the total filings in the nation. See www.abi world.org. Bankruptcy fraud has been a white-collar priority of the Department of Justice (DOJ) at least since a 1992 declaration of then Attorney General Reno. The DOJ and the FBI are now armed with an additional obstruction statute under the Sarbanes-Oxley Act (SOX), a revitalized U.S. Trustee Criminal Enforcement Unit designed to detect and refer bankruptcy fraud, Bankruptcy Fraud Task Forces within some U.S. Attorney's Offices, and the “built-in” referral sources of creditors and the Bankruptcy Court itself.
Thus as much diligence must be put into bankruptcy planning and court filings as is applied in issuing financial statements or prospectuses.
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