The judge cited the disgraced lawyer's obstructionist conduct during his bankruptcy case.
after he agreed give up any claims to his $1.8 million in Stone Oak, about $400,000 in retirement accounts and various life insurance policies. Those assets now become part of the bankruptcy estate and will be liquidated for the benefit of creditors.On ExpressNews.com:
Sweatt explained how Pettit acted as a “qualified intermediary” for clients in a real estate transaction known as a 1031 exchange. Named for a section of the tax code, the transaction allows investors who park profits from a property sale with the intermediary to defer large capital gains if they reinvest the money within 180 days.
“That money was used to pay other clients, to purchase assets and to pay other individuals, to include Mr. Pettit,” the agent said, adding it appeared to be a Ponzi scheme. From Sweatt’s review of financial records, Pettit used about $800,000 in proceeds from a 1031 exchange to make a down payment on the Florida mansion.
Terry, the Chapter 11 trustee, recounted how Pettit had been held in civil contempt for failing to obey previous orders and not disclosing all of his assets — including a $100,000 Mercedes Benz kept in storage in Florida.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Houston Concert Watch 12/14: Chris Isaak, Kat Edmonson, and MoreWhether it is our desire or not, Christmas music is all around us at this point. And for some (many?), the omnipresence of holiday tunes is working their last good nerve. This being the case, the number crunchers at the FinanceBuzz website have compiled the results of a survey listing...
Weiterlesen »
Texas suspends coach Chris Beard over family violence chargeThe Travis County Sheriff’s Office said Beard was arrested by Austin police and booked on a charge of assault on a family or household member in which their breath was impeded, or choking, in common terms.
Weiterlesen »
Texas men's basketball coach Chris Beard suspended without pay after assault arrestLonghorns men's basketball head coach Chris Beard has been suspended by Texas without pay 'until further notice' after he was arrested and charged with assault on a family member early Monday.
Weiterlesen »
Carr lifts Texas over Rice after coach Chris Beard suspendedTexas has not yet publicly committed to Terry as the acting coach beyond Monday night’s game. Texas doesn’t play again until Sunday in Dallas against Stanford.
Weiterlesen »
SNL Alums Share Sneak Peek at Star-Studded Chris Farley TributeSaturday Night Live alums Dana Carvey and David Spade share a sneak peek for their upcoming Chris Farley tribute on their Fly on the Wall podcast.
Weiterlesen »
Chris Beard arrest: Victim told police 'he choked me, threw me off the bed, bit me'An arrest affidavit reveals new details about the arrest of Texas basketball head coach Chris Beard on December 12.
Weiterlesen »