According to a U.S. Attorney press release, an indictment was issued Friday afternoon charging a Los Angeles-based real estate developer with laundering funds through shell companies and bankruptcy fraud. In a nine-count federal indictment, Mark Hanel, was charged with making a false statement in a bankruptcy case, two counts of concealing assets belonging to a bankruptcy estate, one count of falsely testifying in a bankruptcy proceeding under while under oath, and one count of money laundering.
According to the indictment, the defendant was a commercial and residential developer for more than 30 years. Five years ago, defendant filed a Chapter 11 petition in United States Bankruptcy Court. He subsequently made several false statements to avoid paying debts in excess of $10 million he owed to creditors.
The indictment additionally states that the defendant created several corporation and business entities to hide his income and his involvement in development projects. Moreover, the defendant used his wife, who had no real estate experience, and others as partners and owners of those corporations that the defendant actually controlled.
If convicted on all the charges, the defendant faces a statutory maximum of 120 years in federal prison.
If you have been charged or are under federal investigation, then contact an experienced federal criminal defense attorney today. Call us and schedule a free confidential consultation.