SHREVEPORT, Louisiana — A Bossier City man has pleaded guilty to hiding his business' assets during bankruptcy proceedings.
U.S. Attorney Stephanie A. Finley says 43-year-old John M. Santoro pleaded guilty Tuesday before U.S. District Judge Elizabeth E. Foote to one count of concealment of assets in a bankruptcy proceeding.
Evidence shows Santoro filed for Chapter 7 bankruptcy protection on May 20, 2011, as the owner and for Santoro's Catering Inc. After filing, Santoro had a third party sell a 2007 Dodge Ram 3500, which belonged to the company, and also sold some of the company's catering equipment.
Santoro failed to disclose those moves to the bankruptcy trustee or list it on his bankruptcy petition.
Santoro faces up to five years in prison and a $250,000 fine. Sentencing was set for July 6.