Man Accused of Hiding $250,000 in eBay Income

A former Toms River resident is accused of omitting $1.5 million in assets — including hiding $250,000 in income from sales on eBay — after applying for bankruptcy protection, the U.S. District Attorney's office announced today.

Bryan Young, 39, formerly of Toms River, and now living in Venice, Fla., turned himself in to agents of the FBI in Newark. He is charged by complaint with two counts of bankruptcy fraud and was scheduled to make his initial appearance today before U.S. Magistrate Judge Cathy L. Waldor in Newark federal court.

The charges stem from alleged fraud in a Nov. 2008 personal bankruptcy petition, where Young omitted the eBay income as well as assets such as a vehicle.

According to the federal complaint unsealed today, Young is accused of omitting $1.5 million dollars in personal assets, "failing to disclose the existence of four financial accounts – or that any of these accounts were closed as of the date of the filing of his petition – with total balances of more than $650,000."

In addition to the four financial accounts and $250,000 in assets from eBay transactions, Young bought $13,000 worth of furniture and a 2003 Ford truck, worth approximately $10,000, within months of the filing, which he also failed to disclose, said U.S. District Attorney Paul S. Fishman.

The allegedly fraudulent bankruptcy filing also listed no stocks and bond assets, but Fishman said one of Young’s financial account investment statements showed investments in stocks, bonds, and mutual funds that were worth approximately $100,000 within months of the filing.

The bankruptcy fraud charge carries a maximum potential penalty of five years in prison and a $250,000 fine.

The investigation leading to today's arrest included the work of special agents of the FBI, under the direction of Special Agent in Charge Michael B. Ward in Newark; IRS – Criminal Investigation, under the direction of Acting Special Agent in Charge JoAnn Zuniga, and Region 3 U.S. Trustee Roberta DeAngelis and the Newark office of the U.S. Trustee.

The government is represented by Assistant U.S. Attorney Aaron Mendelsohn of the U.S. Attorney’s Office Economic Crimes Unit in Newark. Representing Young is Keith Hirschorn Esq., of Hoboken.