BY KEITH LACEY
A Sudbury man who twice declared bankruptcy, but set up complicated schemes to hide monetary assets, was fined $20,000 and placed under house arrest for nine months Monday.
Kenneth Russell, 61, pleaded guilty to two counts under the Bankruptcy and Insolvency Act.
Court heard that in 1995, Russell declared bankruptcy and claimed his only asset was a home he owned worth $200,000.
An investigation four years later discovered Russell had failed to disclose to a trustee a cheque for $88,000 Russell had turned over to his brother.
In 1997, Russell lent $27,000 to another business owner and didn?t disclose the outstanding loan when he declared bankruptcy for the second time in 2003.
Defence counsel Denis Michel said Russell has no criminal record and has raised three children.
He?s worked seven years for the same company and works part-time in another job as well, he said. He also takes care of his mother, who is 84 years old, and is losing her eyesight.
Russell knows what he did was wrong and is willing to pay a heavy fine for his indiscretions, he said.
Russell is of no danger to the community and a conditional sentence is appropriate under all the circumstances, he said.
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