Rancho Santa Fe accountant admits to hiding yacht, silver in bankruptcy case, evading $6M in taxes
The 72-year-old
According to the State Bar, Jennings convinced the client to invest in certain properties and did not inform him that Jennings and his wife would acquire the properties. The client also made unsecured loans to a fund that Jennings owned, but the client was not informed of the full terms. Similar loans were made to a real estate investment company owned by Jennings and his wife, the bar said.
The entities defaulted on the loans and Jennings declared personal bankruptcy. Jennings' malpractice insurer repaid the client about
"Jennings showed a continuing lack of remorse or insight into the misconduct that significantly harmed his client," the State Bar said.
The criminal charges stem from Jennings' handling of the bankruptcy case beginning in 2010, in which he concealed assets: a stock interest in a real-estate deal worth
He also owed the
As a result of his plea agreement he admitted that a criminal judgment of nearly
Last month, Jennings' wife, Peggy, 72, pleaded guilty in a related but separate case, admitting to forging her mother's signature on loan documents, submitting false documents to a bank, and depositing money into her mother's account to make it appear as though she had a large income. Her actions caused the bank to lose about
She has agreed to pay about
Jennings made headlines in 1985 after he entered into another business transaction, a laundromat, with a client and was ordered to pay
Twitter: @kristinadavis
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