Man Pleads Guilty to Bank Fraud and Bankruptcy Fraud

Man Pleads Guilty to Bank Fraud and Bankruptcy Fraud

Cortney S. Valentine, 39, of Liberty, Utah, pleaded guilty on Wednesday, October 2, to bank fraud and false declaration under penalty of perjury and concealment of assets in connection with a bankruptcy case. Valentine was indicted by a federal grand jury in Coeur d’Alene on February 18, 2015.

According to the plea agreement, Valentine defrauded U.S. Bank when he made material false statements which were relied upon by U.S. Bank and caused U.S. Bank to lend him $362,000.  In the midst of the Valentine’s ever increasing debt and when creditors were attempting to foreclose on various properties, Valentine decided to keep the creditors at bay by filing bankruptcy.  Valentine and his wife filed for relief under bankruptcy separately and in different states.  In November 2011, Valentine contracted to sell a home to a third party for $1,150,000.  Valentine should have reported to the bankruptcy court any proceeds from the sale of the asset.  Instead, he used the money to support himself.  Valentine made numerous false statements on the bankruptcy filings and concealed the funds from the bankruptcy court that he received from the third party purchaser.

Valentine’s wife, Nicolette P. Valentine, 37, of Liberty, Utah, pleaded guilty to bank fraud, concealment of assets in connection with a bankruptcy case and false statements under oath, on June 23, 2016.  She is scheduled to be sentenced on December 6, 2016, before Senior U.S. District Judge Edward J. Lodge.

Sentencing is set for February 28, 2017, before Senior U.S. District Judge Edward J. Lodge at the federal courthouse in Coeur d’Alene.