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August 4, 2006

Bankruptcy filer faces jail for lying about assets

PROVIDENCE -- A man who filed for bankruptcy five years ago was arraigned in federal court today after authorities charged him with concealing real estate assets in connection with that bankruptcy.

Richard M. Cecca, 53, whose address does not appear in court papers, pleaded not guilty, according to the U.S. Attorney's Office in Providence.

He is being held in federal custody in lieu of a $75,000 surety bond. FBI agents arrested him in Plymouth, Mass., yesterday.

The six-count indictment, which the grand jury returned earlier in the week, charges Cecca with repeatedly lying under oath about his or his company's assets during a 2001 bankruptcy hearing.

He allegedly failed to reveal he had an ownership interest in about 20 parcels of real estate in Providence and other locations, according to the U.S. Attorney's Office.

Each count of bankruptcy fraud carries a maximum penalty of five years in prison.

-- projo.com staff writer Steve Peoples

Posted by Steve Peoples  at 2:04 PM | Permalink

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