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April 18, 2011

Ex-developer loses appeal in bankruptcy fraud case

"Former Anchorage developer Robert Kubick, now serving time for bankruptcy and tax fraud in a federal prison in California, may have to pay up to half a million dollars in restitution to his creditors, according to a recent ruling by the federal appeals court in California.

Kubick received a five-year sentence in early 1998 after he pleaded guilty to felony charges in what prosecutors have called the biggest individual bankruptcy fraud case in state history. He was sentenced to five years in prison and ordered to pay $24,000 in restitution, according to federal prosecutors.

Kubick, 59, appealed his sentence. While the 9th U.S. Circuit Court of Appeals rejected all his claims, it overturned District Court Judge John Sedwick's ruling that Kubick had to pay only $24,000 in restitution when 40 creditors were owed more than $15 million, according to Assistant U.S. Attorney James Barkeley."

Read more here.

April 18, 2011 in Current Affairs | Permalink

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