Manahawkin Woman Admits Bankruptcy Fraud
Marjorie Parise, 51, of Manahawkin, N.J., pleaded guilty before U.S. District Judge Freda L. Wolfson in Trenton federal court.
An Ocean County woman today admitted concealing profits she made on a Ponzi scheme investment and committing a subsequent bankruptcy fraud, U.S. Attorney Paul J. Fishman announced.
Marjorie Parise, 51, of Manahawkin pleaded guilty to one count of bankruptcy fraud before U.S. District Judge Freda L. Wolfson, according to a statement from Fishman's office.
According to documents filed in the case, Parise and her husband invested $115,750 with Global Trading Investments LLC and received profits totaling more than $429,000. However, the profits that Parise received were actually the investments of other individuals. Global Trading subsequently filed for Chapter Seven bankruptcy protection.
Despite being ordered to return the profits via a judgement in 2006, Parise took steps to conceal the funds, including omitting deposits made.
From Sept. 14, 2006, through Dec. 8, 2006, she withdrew at least $455,850
in cash from the bank accounts which had not been disclosed to the trustee. Parise made 67 currency withdrawals, none of which exceeded the $10,000 threshold for the filing of Currency Transaction Reports. In November 2006, Parise transferred ownership of her residence from her name only to the names of both her and her husband, and increased the home equity line of credit
on the home.
On July 7, 2008, Parise filed for individual Chapter Seven bankruptcy protection. On her bankruptcy petition, she fraudulently failed to report millions of dollars in real estate holdings plus hundreds of thousands of personal assets.
The count of bankruptcy fraud to which Parise pleaded guilty is punishable by a
maximum potential penalty of five years in prison and a fine of $250,000.
Sentencing is scheduled for May 10, 2013.