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Past Baseball Great Dykstra Pleads Guilty to Bankruptcy Fraud

Posted on in Bankruptcy

Lenny Dykstra had a career in baseball that spanned more than a decade with the Philadelphia Phillies and the New York Mets. He was named to multiple all-star games and served as a catalyst for the Mets winning the World Series in 1986. Yet his personal life has not seen the same amount of success. The 49 year old Dykstra has served time for grand theft auto and exposing himself to a woman he met on Craigslist. Now Dykstra is facing another possible 20 years for bankruptcy fraud, concealment of assets, and money laundering.

Dykstra filed for bankruptcy on July 7, 2009 while claiming that he owed over $31 million and only $50,000 in available assets. Evidence has been shown that Dykstra has either sold, destroyed or hidden $400,000 worth of items with the trustees' permission. Dykstra reported that he removed an oven, chandeliers and sconces from his mansion in Sherwood Estates Los Angeles and put them into storage when, in fact, he sold those items for $8,500. He also hid many items of sports memorabilia from courts and to also sell them and laundered the money by purchasing a cashier's check in another person's name.

“These convictions should serve as a cautionary tale of a high-flying sports celebrity who tried to manipulate and exploit both his creditors and the bankruptcy laws of the United States,” US Attorney Andre Birotte Jr. said. Many people have been in this position because they file for bankruptcy and their personal property becomes part of an estate that would pay off creditors. This is why it's so important to disclose all assets as part of bankruptcy proceedings. The counsel of an experienced bankruptcy attorney will prove to be invaluable so that you are aware of the rules of bankruptcy. If you are considering filing for bankruptcy, do not delay in reaching out to a skilled Cook County bankruptcy attorney today.

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