RALEIGH COUNTY, WV (LOOTPRESS) – A Raleigh County man has been sentenced in federal court for money laundering related to false disclosures during a bankruptcy proceeding.
James E. Monroe Jr., 60, of Daniels, was sentenced to three years of federal probation, including six months of home detention, after being convicted of money laundering.
According to court documents and statements made in court, Monroe filed a petition for personal bankruptcy on February 25, 2022.
As part of the bankruptcy process, he was required to submit complete and accurate schedules of his assets and a statement detailing his financial affairs.
Monroe admitted that after filing for bankruptcy, he sold a collection of more than 10,000 sports trading cards without disclosing the collection or its sale in his bankruptcy filings. He further admitted that he sold the collection to a friend online in order to convert the assets into cash and disguise the nature of the proceeds.
Monroe also admitted that his bankruptcy filings failed to disclose several other assets and financial transactions.
These included the December 2021 sale of his marital home in the Glade Springs residential development for $525,000, the existence of a retirement account, two loans obtained using the equity of his whole-life insurance policy as collateral, and a storage unit in the Shady Spring area containing property belonging to the bankruptcy estate.
In addition, Monroe acknowledged that his filings falsely stated that his then-minor daughter lived with him and was his dependent when neither claim was true.
United States Attorney Moore Capito announced the sentencing and commended the investigative work of the Federal Bureau of Investigation. The case originated from a criminal referral by the United States Trustee’s Charleston field office, which serves West Virginia. The United States Trustee Program is a component of the U.S. Department of Justice responsible for promoting the integrity and efficiency of the bankruptcy system.
Chief United States District Judge Frank W. Volk imposed the sentence. Assistant United States Attorney Jonathan T. Storage prosecuted the case.
