Man Convicted of Bankruptcy Fraud
A Castaic man was convicted of two counts of fraud Wednesday for failing to disclose assets--including a Cessna 310 airplane--in a bankruptcy petition, the U.S. attorney’s office said.
The federal jury found that Faramarz Taghilou, 39, claimed he had only $11,100 in assets--neglecting to disclose ownership of the plane, which was insured for $120,000, according to Assistant U.S. Atty. Angela J. Davis.
Taghilou now faces a maximum 10 years in federal prison and fines up to $500,000. Sentencing is scheduled for June 28 before U.S. District Judge Stephen V. Wilson.
Jurors heard evidence that Taghilou regularly paid monthly leasing fees to keep his Cessna at Van Nuys Airport. Prosecutors also said Taghilou two weeks after the bankruptcy filing had paid a creditor who had placed a mechanic’s lien on the aircraft.
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