CEDAR RAPIDS, Iowa (AP) - Federal prosecutors say an Iowa couple convicted in Florida of bankruptcy and mail fraud are going to
The U.S. attorney's office in Cedar Rapids says Gerald and Fay Schuerer, of Amana, were sentenced Monday in federal court in
Pensacola, Fla. They were convicted in November.
Gerald Schuerer was sentenced to over 4 years in prison. Fay Schuerer was sentenced to more than 2 years.
Prosecutors say they made "sham sales" of assets to relatives with an understanding they would reacquire the assets after going through bankruptcy. The assets included a vehicle, boats, jewelry
and stocks worth over $350,000.
The couple professed to move to Florida, where bankruptcy exemptions are more liberal, and filed for bankruptcy protection.
They moved back to Iowa and got the property back.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
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