Federal prosecutors say a Bossier City, La., man has been sentenced to 10 months in prison for hiding his business assets during bankruptcy proceedings, the Associated Press reported yesterday. John Santoro was sentenced on one count of concealment of assets in a bankruptcy proceeding. He also was ordered to serve a year of supervised release. Santoro filed for chapter 7 protection on May 20, 2011, as the owner and for Santoro's Catering Inc. After filing, Santoro had a third party sell a pick-up truck that belonged to the business, and some of the company's catering equipment. Evidence shows that he failed to disclose that information to the bankruptcy trustee or list it on his bankruptcy petition as required.
