SPRINGFIELD, Mo. (AP) - A Branson developer pleaded guilty today to bankruptcy fraud and money laundering, agreeing to what prosecutors called the biggest forfeiture of concealed
Tulsa World journalism makes a difference. Be part of the story. Join us. Start a digital subscription for only 99¢.bankruptcy assets in U.S. history. Federal prosecutors said Steve Redford, who sold time-share units in the Branson area, conspired with others to conceal nearly $5 million in cash and property from U.S. Bankruptcy Court. Redford pleaded guilty to bankruptcy fraud and a single count of conspiracy to commit bankruptcy fraud and money laundering. He signed an agreement to forfeit more than $400,000 in cash and his interest in real estate near Branson. No sentencing date was scheduled. Redford faces a maximum of 10 years in prison but likely will serve about 37 months under a plea agreement, federal prosecutors said. Co-conspirators were not named in the sealed plea agreement because of an ongoing investigation, prosecutors said. "Mr. Redford has accepted responsibility for his conduct and also is assisting in concluding this investigation," his attorney, J.R. Hobbs, said in a statement. Hobbs declined to answer questions. "It's the largest forfeiture of its kind in the history of the United States," said Assistant U.S. Attorney David C. Jones, who is leading the prosecution. Creditors forced Redford into bankruptcy in May 1991. He filed a petition saying he owed $12.6 million to about 15,000 people and businesses but listing assets of only $41,900. The government accused Redford of concealing assets by transferring them to others. Investigators believe Redford has sufficient
assets to pay his creditors, Jones said. Redford's holdings now are administered by bankruptcy trustee Tom Carlson, who is charged with paying off creditors. U.S. District Judge Russell Clark granted Jones' motion to seal the plea agreement, saying, "Disclosure of this plea bargain agreement could and probably would have an effect on the ongoing investigation." After the proceeding, Jones declined to answer questions about the agreement or discuss whether Redford had agreed to testify against others. "Mr. Redford intends to make his extensive cooperation fully known to the court at the time of sentencing," Cobbs said in his statement. In October, Missouri Attorney General William Webster acknowledged testifying before a federal grand jury in Springfield about land transactions involving Redford. Webster said he was a member of a partnership that sold a Springfield tract of land to Redford and others in August 1988. At the time, Webster's office was investigating consumer complaints about Redford's Taney County time-share resort, Treasure Lake. Webster said he did not handle details of the sale of the Springfield property and he did not know Redford was among the buyers of the Springfield property. When he found out, he contracted a private law firm to handle complaints about Treasure Lake to avoid an apparent conflict of interest, Webster said.
Tulsa World journalism makes a difference. Be part of the story. Join us. Start a digital subscription for only 99¢.bankruptcy assets in U.S. history.
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