PEORIA — A Brimfield man pleaded guilty Tuesday in federal court to concealing insurance policies worth more than $100,000 in a bankruptcy petition, according to the Justice Department.
Thomas Bledsoe, 52, entered his plea before Senior U.S. District Judge Joe McDade. He is to be sentenced Nov. 22, according to a news release from the department’s Central District of Illinois.
In 2009, Bledsoe, a life insurance agent, filed a voluntary petition under Chapter 13 of the U.S. Bankruptcy Code. He answered “none” on a form that required him to disclose any interest he owned in any insurance policies, to name the company for each policy and to itemize the surrender or refund value of each policy, according to the news release.
Later that year, when a creditor disputed his information, Bledsoe testified that he owned a life insurance policy with a cash value of $5,000. He actually owned four life insurance policies, with a combined cash value of more than $50,000, from Northwestern Mutual Insurance Co., and three life insurance policies, with a combined cash value of more than $57,000, from Canada Life Insurance Co., according to the news release.
In addition, Bledsoe admitted possession of three cashier’s checks totaling more than $65,000, and a 2005 Montesa motorcycle, according to the release. “Bledsoe also falsely stated that he had not received any money from the sale of his residence, when in fact, he had received money from the sale of the residence as part of his divorce, about two years prior to the bankruptcy proceeding.”