A South Bay, Calif., entrepreneur was sentenced to more than 4 years in prison after pleading guilty to concealing a bank account during a 2010 bankruptcy proceeding, The Mercury News reported today. Steve McVay, who regularly acquired real estate through foreclosure auctions, was involved in business ventures that ultimately failed between 2004 and 2009. In 2010, he sought relief for $1.5 million in debts through bankruptcy court. However, prosecutors said McVay knowingly signed documents concealing two bank accounts, including one in his wife’s name but under his exclusive control, totaling more than $45,000. A federal grand jury indicted McVay in April 2016 and charged him with two counts of concealing assets in bankruptcy and one count of presenting false testimony in bankruptcy proceedings. In exchange for him pleading guilty to the first count of concealment, the rest of the charges were dismissed. He was sentenced to 56 months in prison and three years of supervised release. A restitution hearing also was set for June 14.
