Charges Laid In Bankruptcy Fraud Investigation

TORONTO, Nov. 19, 2015 /CNW/ - The Integrated Bankruptcy Enforcement Unit comprised of the Royal Canadian Mounted Police (RCMP) – Greater Toronto Area (GTA) Financial Crime Section and the Ontario Region Special Investigation Unit (SIU) of the Office of the Superintendent of Bankruptcy (OSB), have charged a Toronto man with offences under the Criminal Code (CC) and the Bankruptcy and Insolvency Act (BIA).  56 year old Guido PANICCIA will appear at Old City Hall, Ontario Court of Justice in Toronto on November 20th where he faces numerous charges in relation to fraud and the abuse of the bankruptcy process.

While bankrupt, Mr. PANICCIA declared to the Trustee that he was unemployed and receiving Employment Insurance (EI) benefits.  It is alleged that while Mr. PANICCIA was receiving EI benefits he was also working and billing for his services under his company name (1791814 Ontario Ltd.) and earning over $180,000.00 a year in compensation.  It is also alleged that while bankrupt Mr. PANICCIA concealed his 50% ownership of a house (subsequently sold for $790,000.00).

Mr. PANICCIA has been charged with:

  • Conceal property with the intent to defraud creditors (2 counts) contrary to the Criminal Code (CC)
  • Knowingly making a material omission in a statement or accounting contrary to the Bankruptcy and Insolvency Act (BIA)
  • Concealing a document relating to the bankrupt's property contrary to the Bankruptcy and Insolvency Act (BIA)
  • Concealing property of a value greater than $50.00 contrary to the Bankruptcy and Insolvency Act (BIA)
  • Failing to perform the duties of a bankrupt contrary to the Bankruptcy and Insolvency Act (BIA)

The bankruptcy system is intended for the honest but unfortunate debtor. However, there are instances where individuals abuse the system by failing to comply with their duties under the BIA and/or engaging in fraudulent criminal activities.  Offences are identified through detection programs or through complaints from creditors, trustees or the public.

Since January 2014, the Integrated Bankruptcy Enforcement Unit has charged 21 individuals and four corporations with 121 offences under the Bankruptcy and Insolvency Act and 92 offences under the Criminal Code encompassing liabilities of approximately $104 million.

Should members of the public have any information related to bankruptcy fraud schemes they are urged to contact either the Ontario RCMP at 1-800-387-0020 or the OSB at 1-877-376-9902 or anonymously through Crime Stoppers at 1-800-222-8477.

Website: RCMP in Ontario
Twitter: @RCMPONT
Facebook: RCMP.Ontario
YouTube: RCMPGRCPOLICE

SOURCE Royal Canadian Mounted Police

For further information: For media inquiries contact: Sgt. Penny HERMANN, RCMP Media Relations, RCMP "O" Division, 905-876-9571, http://www.rcmp-grc.gc.ca/on/index-eng.htm

RELATED LINKS
http://www.rcmp-grc.gc.ca/

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