Kansas City Payday Lender Pleads Guilty to Bankruptcy Fraud | Missouri News

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KANSAS CITY, Mo. (AP) – The co-owner of a payday loan company in Kansas City pleaded guilty to one count of bankruptcy fraud related to his personal bankruptcy in 2015, in which prosecutors say that he hid over a million dollars in assets.

Del Kimball, 53, pleaded guilty on Tuesday in federal court and faces up to five years in prison when sentenced on June 2, the Kansas City Star reported. Kimball will remain free on bail until his conviction.

Prosecutors said Kimball and the payday loan company he co-owned, LTS Management, were forced into bankruptcy by creditors who said they owed millions. Two years later, a bankruptcy trustee accused Kimball of concealing assets, bank accounts and income from his bankruptcy filings. These included the sale of a warehouse for nearly a million dollars, the sale of three cars for over $ 120,000, eight wristwatches worth over $ 29,000 and a painting of the guitarist. of the Rolling Stones Ronnie Wood.

Kimball was charged with failing to disclose the money transfer to a relative and the existence of a company he owned that was formed to conceal the income from creditors.

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