RICHMOND, Va. (WRIC) — A Glen Allen man who hid more than $400,000 in assets from a Virginia Bankruptcy Court pleaded guilty on Tuesday.
In January 2019, 44-year-old William Henry Romm III filed a Voluntary Petition for Bankruptcy in an Eastern District Virginia court. In filing that petition, Romm deliberately concealed the fact that he had recently acquired both a sizeable amount of real estate and a substantial life insurance payout after his father’s death.
Shortly after filing for bankruptcy, Romm sold the concealed real estate and spent the proceeds on a boat for personal use, among other things.
Romm also concealed his marital status from the Court and Trustees, claiming that he was single in his court filings. Romm had opened bank and brokerage accounts in his wife’s name but maintained control of them himself.
Using these accounts, Romm would hide his real estate profits, trade stocks and even forge his wife’s signature in drafting checks.
In total, Romm concealed more than $400,000 in assets from the Bankruptcy Court before the Court dismissed his bankruptcy case in August 2021.
Romm is scheduled to be sentenced in a few months — more specifically, on Aug. 19 — and faces a maximum penalty of 20 years in prison.
Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine his sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.