KANSAS CITY, Missouri (AP) – A payday loan business owner in Kansas City who tried to hide his financial assets to avoid paying off debt of up to $ 7.5 million was sentenced to one year and one day in federal prison.
Del Hodges Kimball, 54, was sentenced Wednesday after pleading guilty to bankruptcy fraud in January. He was also ordered to pay more than $ 900,000 in restitution, according to federal prosecutors.
Kimball has been accused of claiming to have lost millions of dollars in 2013 and 2014, when his gross income was nearly $ 160,000 in 2013 and over $ 213,000 in 2014, federal prosecutors said. He also hid hundreds of thousands of dollars in his wife’s personal bank account to hide his fortune from creditors and federal authorities, prosecutors said.
Acting US Attorney Theresa Moore said Wednesday that Kimball “ridiculed” the bankruptcy system to avoid more than $ 7.5 million in debt while maintaining a luxurious lifestyle.
Kimball and the loan company LTS Management, which he co-owned, were forced to file for bankruptcy in 2015 due to creditors who said he owned it millions of dollars in investment. The bankruptcy manager accused Kimball of hiding assets in 2017.