Centre County man accused of concealing thousands in bankruptcy assets

From Pennlive

WILLIAMSPORT – A Centre County paving company and car wash owner has been accused of concealing between $250,000 and $500,000 worth of bankruptcy assets.

The charge filed Tuesday in U.S. Middle District Court against Andrew Lee Coleman, 65, of Sandy Ridge, specifies $380,000 in cash and a 1968 Camaro he transferred to his daughter on Nov. 21, 2014.

The transfer occurred 11 months before he and his former wife filed a voluntary bankruptcy petition arising from the default on approximately $2 million in loans used to build a bowling alley he and a business partner operated.

Between October 2015 and December 2016, Coleman is alleged to have concealed from the bankruptcy trustee ownership the transfer of the car and the $380,000.

The money was kept in safes at one of his businesses, Coleman’s Asphalt, and in the trunk of the Camaro parked in a garage next to his home, the charge alleges.

He kept two sets of keys despite transferring ownership of the car, the charge states.

Coleman also is accused of filing false statements with the bankruptcy petition including those that stated he had no cash on hand and just $7,405 in four different banks.

He listed vehicles used in his businesses and two personal vehicles but nothing about the Camaro, the charge states.

He also is accused of filing false monthly reports between October 2015 and September 2016 that under-reported cash on hand and profits from his businesses.

After the alleged fraud was discovered, Coleman filed amended reports disclosing more than $160,000 in cash, the charge states.

The plea agreement, which he has signed, requires him to make full restitution and cooperate with the Internal Revenue Service.

The maximum penalty for concealment of bankruptcy assets is five years in prison and a $250,000 fine.


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