Rigby man pleads guilty to bankruptcy fraud

Kim Thompson, 49, of Rigby, Idaho, pleaded guilty today in United States District Court to bankruptcy fraud, U.S. Attorney Wendy J. Olson announced. Thompson was charged by the U.S. Attorney’s Office on January 15, 2016.

According to the plea agreement, on October 14, 2010, defendant Kim Thompson filed bankruptcy in the United States Bankruptcy Court for the District of Idaho. As part of those proceedings, Thompson testified under oath at the meeting of creditors that he had no aircraft or accessories. Thompson subsequently admitted that he had purchased a Piper Arrow aircraft in 2009. He admitted that he lied under oath about his ownership of the plane and stated that he never transferred the registration or ownership documents into his name in order to conceal ownership of the airplane from the bankruptcy trustee. He further stated that he hoped to use the plane in a business after completion of the bankruptcy and was afraid he would lose the plane if he disclosed it to the trustee.

The charge of bankruptcy fraud is punishable by up to five years in prison, up to three years of supervised release, and a fine of up to $250,000.

Thompson is scheduled to be sentenced on May 20, 2016, before Chief U.S. District Judge B. Lynn Winmill at the federal courthouse in Pocatello.