Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
'Foreclosure King' Arrested For Bankruptcy Fraud
Author: Joel R. Glucksman
Date: November 6, 2014
Key Contacts
Back
A one-time ‘king of foreclosures’ and his adult son were arrested in Pewaukee, Wisconsin, early on Oct. 20. The door to Todd Brunner’s home was broken in by heavily armed federal agents, before he and his 24-year-old son were taken into custody by U.S. marshals assisted by the FBI, Waukesha County Sheriff’s deputies and Pewaukee police, according to the Star Tribune. The pair have been indicted on charges related to bankruptcy fraud.
Brunner built a real estate empire by purchasing hundreds of foreclosed homes across southeastern Wisconsin, according to the news source. In 2011, however, this empire collapsed, prompting the mogul to declare bankruptcy. Now, prosecutors allege that Brunner and his son hid assets from bankruptcy court and that the elder Brunner attempted to conceal more than $7 million in assets from lenders.
In an ironic twist of fate, Brunner was arrested in a home that he lost to foreclosure earlier this year, according to the Milwaukee – Wisconsin Journal Sentinel. After federal prosecutors informed U.S. Magistrate Judge Nancy Joseph that Brunner and his son were avoiding service of a summons ordering them to appear in court, Joseph issued the warrant for their arrests. The two surrendered peacefully and were taken into custody around 7:30 a.m.
According to a separate article by the Journal Sentinal, Brunner claimed that his business of rehabilitating and renting out foreclosed properties generated approximately $1.5 million to $2 million per year at its peak. By 2011, Brunner was almost $20 million in debt and filing for protection under Chapter 11 of the bankruptcy law.
In 2012, Brunner’s bankruptcy case was thrown out of court for failure to disclose assets.
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
10 Common Issues in Franchise Disputes
The most common franchise disputes involve breach of contract, franchise termination and non-renewal, intellectual property rights, territorial encroachment, royalty and fee payments, franchisor support obligations, and violations of state franchise laws such as the New Jersey Franchise Practices Act. Franchisors and franchisees can often resolve these conflicts by providing written notice detailing the dispute and […]
Author: Paul Grossman
Reputational Risk and Legal Exposure: Why New Jersey Businesses Must Manage Them Together
New Jersey businesses must manage legal and reputational risk together because modern disputes play out on two fronts at once: the legal proceeding itself and the court of public opinion, where customers, employees, investors, and business partners often reach conclusions long before a judge or jury has had the opportunity to evaluate the facts. Success […]
Author: Sean M. Pena
Eviction Is Not Always the End: Understanding Post-Possession Rent Claims in New Jersey and New York
No. An eviction does not automatically end a tenant’s obligation to pay rent. Post-eviction rent claims are common because recovering possession resolves who has the right to occupy the premises, but it does not extinguish the tenant’s contractual obligations under the lease. Whether unpaid or future rent remains owed depends on three factors: the lease’s […]
Author: Donald M. Pepe
Company Dissolved? Legal and Financial Consequences to Expect
A company is dissolved; legally, it ceases to exist. Accordingly, dissolution results in significant legal and financial consequences. It is a process that must be properly managed to avoid continuing liability. The Corporate Dissolution Process Corporate dissolution is the legal process of formally closing a corporation, paying its debts and distributing the remaining assets. Most […]
Author: Jay McDaniel
The Legal Implications of Signing a Triple Net Lease
A triple net lease is a commercial lease in which the tenant pays the property’s real estate taxes, insurance, and maintenance costs, known as the three nets, in addition to base rent. They are most often used in freestanding retail and office buildings and in large single-tenant industrial properties, with terms that typically run 10 […]
Author: Donald M. Pepe
Business Law FAQs: What Companies Need to Know
Running a business in New Jersey and New York means operating within one of the most legally complex environments in the country. From the moment you form your company to the day you sell it, and every contract, hire, dispute, and transaction in between, business law is present in decisions that look, on the surface, […]
Author: Scarinci Hollenbeck, LLC
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.