Don’t Gamble with Your Bankruptcy – Call Legal Helpers
Posted by | Posted in Bad Credits | Posted on 11-07-2011
Jeffrey A. Martinovich, CEO of the Newport News, Virginia, financial services firm MICG Investment Management LLC, filed for Chapter 7 bankruptcy in February, when he was also banned from the securities industry.
During his final meeting with creditors in June, Martinovich’s gambling trips to Las Vegas, taken both before and after his bankruptcy filing, came to light. According to an article on www.dailypress.com by Peter Frost, Martinovich said that his post-bankruptcy trip was paid for by friends and “’organizations that have helped me out to try to get through this.’”
He also testified that the purpose of the trip was that he “’…was totally out of money…I had a credit line [and] I was trying to provide some income to take care of expenses.’” He stated that the primary reason of the trip was to gamble.
In the same article, Martinovich said that he would not provide the source of his traveling money despite the insistence of the bankruptcy trustee and two lawyers representing the creditors. He did, however, deny that expenses were paid by any entity in which he held a financial interest.
During the creditors’ meeting, there appeared to be conflicting answers when Martinovich was questioned regarding his Vegas trips and related gambling winnings and losses. At that time, the bankruptcy trustee reportedly reminded him that bankruptcy documents are filed under penalty of perjury and that false reporting could be construed as a false oath “’which is a very serious matter.’”
Martinovich also equivocated when questioned about rental collections from a house he owns in Newport News. When the trustee asked if the rental payments have been spent, Martinovich replied, “’Probably.’”
‘Probably’ is NOT a good answer when testifying in a bankruptcy hearing. Filing Chapter 7 or Chapter 13 bankruptcy is a very serious undertaking, one that requires a highly-trained and highly skilled bankruptcy attorney from Legal Helpers. You can trust the attorneys from Legal Helpers who have helped over 56,000 consumers in the last three years discharge their debt. For your free initial consultation, please call 800-260-1402
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