A 57-year-old Creston man pleaded guilty to bankruptcy fraud in U.S. District Court in Omaha on Tuesday.
According to United States Attorney Deborah Gilg, Ross Boydston knowingly devised a scheme to defraud American Mortgage Company. She
says Boydston sold livestock which had been pledged as collateral to
American Mortgage Company without notifying the company of the sales and
without remitting the proceeds to AMC.
"Concealing sales and transfers of assets in a
bankruptcy proceeding is a crime that threatens the integrity of the bankruptcy
process and public confidence in that process," said Nancy J. Gargula, United
States Trustee for Region 13 which covers Nebraska.
Gilg says Boydston also lied
about the sales after filing for bankruptcy. Boydston admitted to the allegations as part of a plea agreement.
Boydston faces up to five years in prison and a $250,000 fine when he is sentenced on June 24.