SAN FRANCISCO A South Bay entrepreneur was sentenced Wednesday to more than 4 years in prison after pleading guilty to concealing a bank account during a 2010 bankruptcy proceeding, authorities said. <\/p>\n
In 2010, the 68-year-old Morgan Hill resident sought relief for $1.5 million in debts through U.S. Bankruptcy Court. <\/p>\n
However, prosecutors said McVay knowingly signed documents concealing two bank accounts, including one in his wifes name but under his exclusive control, totaling more than $45,000. <\/p>\n
A federal grand jury indicted McVay in April 2016 and charged him with two counts of concealing assets in bankruptcy and one count of presenting false testimony in bankruptcy proceedings. <\/p>\n
In exchange for him pleading guilty to the first count of concealment, the rest of the charges were dismissed. <\/p>\n
U.S. District Judge Lucy H. Koh sentenced McVay to 56 months in prison and three years of supervised release. A restitution hearing also was set for June 14. He is scheduled to begin serving his sentence June 28. <\/p>\n
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South Bay man sentenced to 56 months for bankruptcy fraud - The Mercury News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" SAN FRANCISCO A South Bay entrepreneur was sentenced Wednesday to more than 4 years in prison after pleading guilty to concealing a bank account during a 2010 bankruptcy proceeding, authorities said. In 2010, the 68-year-old Morgan Hill resident sought relief for $1.5 million in debts through U.S. Bankruptcy Court Continue reading