Fresh on the heels of the government's
indictment of Lenny Dystra for bankruptcy fraud, Dr. Rick Sanford, a former
first round draft pick by the New England Patriots and 1983 Pro-Bowler, has
agreed to plead guilty to fraud in relation to his South Carolina bankruptcy
Now a chiropractic doctor, Dr. Rick Sanford, agreed to a
single count of bankruptcy fraud for failing to include a Vail, Colorado
condominium he owned on his bankruptcy petition. Dr. Rick Sanford listed 3
other properties and a lot of land as the complete list of real property that
he owned at the time he filed bankruptcy. The values of the properties that he
scheduled totaled over $1.8 million. The Vail property that he omitted is worth
Dr. Rick Sanford could be sentenced to five years in
federal prison, a $250,000 fine and three years of supervised release. Dates
for his formal guilty plea and the sentencing have not been set.
A stand-out player at the University of South Carolina,
Dr. Rick Sanford was chosen as a postseason All American following the 1978
He was then chosen by the New England Patriots as the
25th overall selection in the first round of the 1979 NFL draft- the first
first round draft pick in the University of South Carolina football history. He
played seven years in the NFL and was named to the 1983 All-Pro team, during
which he tied the NFL lead in interceptions. He still holds the record for the
longest interception return in Soldier Field history, with a return of 99 yards
versus the Chicago Bears in 1982.
As is required when filing for bankruptcy, Dr. Rick
Sanford signed his petition declaring under penalty of perjury that his
representation of assets and liabilities was accurate. It only took the U.S.
trustee 3 months to file a complaint against him, alleging he made
misrepresentations about his financial status and that he "knew or should have
known" he didn't report everything he should have in his original filing.
Why did he do it? Did he think because the property was
outside the state where he filed bankruptcy, no one would ever know?
Only Dr. Rick Sanford can tells us why he omitted the
property but his situation demonstrates the most important point about filing
for bankruptcy- one we emphasize in our book-
don't file unless you can be completely honest about everything you owe and
Make sure you understand everything you can about what
bankruptcy can and cannot do for you if you plan on filing for bankruptcy. And,
don't try to be cute or sneaky. Bankruptcy works for the honest debtor.
Read more at the State,
South Carolina's Hompage.
articles about consumer debt by Ted Connolly, co-author of The Road Out of Debt
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