Bond revoked for Shreveport businessman facing trial - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Bond revoked for Shreveport businessman facing trial for concealing assets

Posted: Updated: May 29, 2012 12:46 PM CDT
Harold Rosbottom, Jr. and Ashley Kisla, 43, of Coushatta, La., who is charged with one count of giving a false oath and account regarding the financial arrangements surrounding the boat purchase. (Photo source: speares.com) Harold Rosbottom, Jr. and Ashley Kisla, 43, of Coushatta, La., who is charged with one count of giving a false oath and account regarding the financial arrangements surrounding the boat purchase. (Photo source: speares.com)
Rosbottom is accused of laundering money concealed from his bankruptcy to buy a 65' Hatteras sport fisherman boat similar to this one (Photo source: boatsalemarket.com) Rosbottom is accused of laundering money concealed from his bankruptcy to buy a 65' Hatteras sport fisherman boat similar to this one (Photo source: boatsalemarket.com)
SHREVEPORT, LA (KSLA) -

Bond has been revoked for a Shreveport businessman facing federal bankruptcy fraud and money laundering charges.

Harold Rosbottom, Jr. was indicted by a federal grand jury in October 2011, charged with concealing $2 million from his creditors in the course of his bankruptcy proceeding, and then allegedly laundering the money in order to purchase a 65' Hatteras sport fisherman boat and a half-interest in a private jet.

Rosbottom is charged with four counts of concealment of assets, two counts of false oath, and two counts of money laundering. The indictment also seeks the forfeiture of $1,677,506.

According to the United States Attorney's Office, Rosbottom's bond was revoked on Monday due to his failure to comply with the terms of his bond set in U.S. District Court.

At a hearing today, United States District Judge Donald E. Walter found that Rosbottom continued to hide assets from his creditors in violation of the terms of release set forth in his bond. Rosbottom will remain incarcerated until his trial, which is currently scheduled for July 16, 2012.

If convicted at trial, Rosbottom faces a maximum penalty of five years in prison, a $250,000 fine, or both, on each count of concealment of assets, and a similar prison term and fine on each count of false oath and account. The money laundering counts carry a maximum penalty of 20 years in prison, a fine of twice the amount of money involved in the transaction, or both. The indictment also seeks the forfeiture of $1,677,506 from Rosbottom.

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