Baileyville Man Convicted of Bankruptcy Fraud

Updated 3 years ago

A jury has convicted a 69-year-old eastern Maine man of bankruptcy fraud for failing to disclose financial assets when he filed for bankruptcy five years ago.George Rayner, of Baileyville, was found guilty Wednesday in federal court in Bangor.Court documents show that Rayner concealed from the Office of the U.S. Trustee and his creditors a saving bank account, a deferred compensation retirement account worth about $150,000, and his entitlement to pay for unused sick leave and vacation time benefits from his employment as a police officer in Baileyville.He also failed to report a $97,000 lump sum distribution from his retirement account and a $12,000 payment from the town for unused benefits.Rayner faces up to five years in prison and a $250,000 fine. Sentencing has not been scheduled.(The Associated Press)


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