MADISON - A former Monroe insurance agent pleaded guilty Thursday in federal court to a charge of bankruptcy fraud.
Vance A. Miller, 70, who was a State Farm insurance agent, was charged last month with failing to disclose assets when he filed a Chapter 11 bankruptcy in January 2012.
On Jan. 10, 2012, Miller filed schedules that listed total assets of $2.812 million and total liabilities of $4.331 million. Miller listed real estate holdings that included a house on 4th Street, interest in the Iron Horse restaurant in Mazomanie, a Verona dental office, the insurance agency office and a car wash.
However, he failed to disclose bank account balances, checks in his possession, mutual funds, stock sales and dividends and vehicles, according to a charging document filed on Sept. 9.
Miller faces statutory maximum penalties of five years in prison, three years supervised release and a $250,000 fine at his Jan. 14 sentencing before District Judge William Conley.
Conley will consult the advisory sentencing guidelines which have far less severe penalties and factor in the seriousness of the offense, any prior convictions, amount of loss in the case and other relevant conduct.
Miller pleaded at his first court appearance in the case and Conley released him on standard conditions.
Vance A. Miller, 70, who was a State Farm insurance agent, was charged last month with failing to disclose assets when he filed a Chapter 11 bankruptcy in January 2012.
On Jan. 10, 2012, Miller filed schedules that listed total assets of $2.812 million and total liabilities of $4.331 million. Miller listed real estate holdings that included a house on 4th Street, interest in the Iron Horse restaurant in Mazomanie, a Verona dental office, the insurance agency office and a car wash.
However, he failed to disclose bank account balances, checks in his possession, mutual funds, stock sales and dividends and vehicles, according to a charging document filed on Sept. 9.
Miller faces statutory maximum penalties of five years in prison, three years supervised release and a $250,000 fine at his Jan. 14 sentencing before District Judge William Conley.
Conley will consult the advisory sentencing guidelines which have far less severe penalties and factor in the seriousness of the offense, any prior convictions, amount of loss in the case and other relevant conduct.
Miller pleaded at his first court appearance in the case and Conley released him on standard conditions.