BAILEYVILLE, Maine — A jury has convicted a 69-year-old Baileyville man of bankruptcy fraud for failing to disclose financial assets when he filed for bankruptcy five years ago.
George Rayner was found guilty Wednesday in federal court in Bangor.
Court documents show that Rayner concealed from the Office of the U.S. Trustee and his creditors a bank savings account, a deferred compensation retirement account worth about $150,000, and his entitlement to pay for unused sick leave and vacation time benefits from his employment as a police officer in Baileyville.
He also failed to report a $97,000 lump sum distribution from his retirement account and a $12,000 payment from the town for unused benefits.
Rayner faces up to five years in prison and a $250,000 fine. Sentencing has not been scheduled.
When Rayner and his wife, Linda, filed for personal bankruptcy in 2006, they reported assets totaling $1.7 million and debts totaling $1.4 million, according to Bangor Daily News archives. At the time, they owned and operated a trash disposal business that had about 30 employees and 1,400 customers in Washington, Hancock and Penobscot counties. The company, Sunrise Disposal, also known as Lilac Waste Disposal, liquidated assets to pay creditors and went out of business in May 2007.