A Toms River man will serve 18 months in prison and must pay nearly $200,000 in restitution after pleading guilty to bankruptcy fraud, the the U.S. Attorney's Office announced.
Bryan Young, 39, was sentenced in U.S. District Court before Judge Claire C. Cecchi after having pleaded guilty to the charge. Young, the sole owner and operator of Brys Landscaping in Lakewood, filed for Chapter 7 bankruptcy protection in November 2008, but concealed much of his wealth, according to the U.S. Attorney's Office.
"In his bankruptcy petition, Young concealed almost $200,000 in personal assets from the U.S. Trustee, the bankruptcy case trustee, and creditors," reads a news release from the U.S. Attorney's Office.
Young's petition claimed he had $100 cash on hand, $3,000 in checking, $3,700 in household goods and furnishings, $450 in clothing and a truck valued at $8,000, according to the U.S. Attorney's Office.
But, it was found that Young had nearly $175,000 in at least two financial accounts, $13,000 in household goods and furnishings and an additional truck valued at about $10,000 at the time he filed for bankruptcy, the U.S. Attorney's Office said.
After he is released from prison, Young must serve two years of supervised release. He has been order to pay $197,865 in restitution to the U.S. Trustee and his bankruptcy creditors, the U.S. Attorney's Office said.
The case was brought in coordination with the Financial Fruad Enforcement Task Force, established by President Barack Obama to "wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes," the release reads.