Former Huntley man accused of bankruptcy fraud

A former Huntley man was indicted Tuesday by a federal grand jury on charges of bankruptcy fraud, authorities said.

Tracy Sunderlage, 71, has been charged with one count of making false statements in a bankruptcy case and one count of making false statements under oath in a bankruptcy proceeding.

Sunderlage lied on a Chapter 11 bankruptcy petition filed Aug. 12, 2011, and on various bankruptcy schedules and a Statement of Financial Affairs Aug. 30, 2011, signed under penalty of perjury, according to the indictment.

He made false statements on the financial statement concealing fraudulent transfers of 100,000 shares of Gulf Keystone Petroleum Ltd., $63,242 and $109,493 to a relative, his receipts of $241,000 from the sale of ownership interest in Gulf Keystone Petroleum, and $25,000 from the sale of ownership interests in other companies, his personal property interests in various financial accounts, and his 2002 Jaguar, according to the complaint.

On May 14, 2012, Sunderlage falsely testified under oath at a meeting of creditors, fraudulently concealing assets from the bankruptcy trustee, creditors, and the United States trustee, including complete information on a transfer of $63,242 Sunderlage made to a relative, the indictment reads.

Each charge carries a maximum penalty of up to five years in prison, supervised release of up to three years, and a fine of up to $250,000 or twice the gross gain/loss resulting from that offense, whichever is greater.