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Colts Neck Man Pleads Guilty to Bankruptcy Fraud

Written by The Two River Times. Posted in News

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Colts Neck Man Pleads Guilty to Bankruptcy Fraud

Published on January 06, 2012 with No Comments

TRENTON — The former head of a mortgage origination firm and Colts Neck resident, was sentenced recently to two years in federal prison for fraud related to his Jan. 2010 personal bankruptcy, according to the U.S. Attorney’s Office.

David, Findel, 46, the former chief executive officer for Worldwide Financial Resources, appeared in federal court on Monday, Dec. 12, where he entered his guilty plea before U.S. District Court Judge Peter G. Sheridan, who handed down Findel’s sentence.

According to the U.S. Attorney’s Office and based upon court documents, Findel had filed for Chapter 7 bankruptcy protection on Jan. 29, 2010. At that time Findel claimed in his court petition he had only $5,500 in cash on hand, no household goods, no jewelry, no autos or any other personal assets of any value. But federal law enforcement alleged, and Findel admitted as part of his negotiated plea agreement, he had  more than $200,000 in personal assets he deliberately concealed from the court.

According to authorities, he had $41,851 in cash on hand; and in his possession at the time of his court filings: eight watches with a combined worth of $55,350; 21 boxes of fine china and silver, thought to be worth $13,965; 511 bottles of wine estimated to be valued at $44,540; 11 paintings valued at $7,750, and four items of jewelry authorities estimated at $6,240.

Findel said in court documents he had transferred his 2009 Jeep Wrangler to someone else for $5,000, which was valued at $19,350. But documents and witness testimony showed he still owned the Jeep, authorities said.

But in court this week, as part of the agreement with federal authorities, Findel admitted to be the sole owner of those items and agreed to forfeit them.

A 2009 real estate listing indicated Findel as owner of a 21,000 square foot home on Cedar Drive, Colts Neck, which, according to the listing, has a man-made lake on the property and is “one of the largest homes n Colts Neck, NJ, which is known for its lavish homes.” The home, the listing said, contained a gym, home theater, barbershop, a ballroom and a wine cellar, among its features.

The advertisement also noted that Findel had obtained a certain notoriety for his legal predicament as well as for his purchase in 2008 of two 50-year line seats for NY Jets’ games at the Meadowlands stadium, spending $400,000 for them

On Oct. 14, 2010, Findel had pleaded guilty to a charge of wire fraud arising from an $11 million fraudulent loan plot. For that charge, Findel was sentenced on Sept. 27 to 63 months in federal prison.

Findel will serve the two-year sentence concurrently to his earlier one, with the judge requiring Findel to serve three years of supervised release, once he leaves federal custody, and to perform 480 hours of community service, according to the attorney’s office.

The investigation into Findel was conducted by a wide-ranging number of federal, state and local authorities, operating under the federal Financial Fraud Enforcement Task force, the attorney’s office said.

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