A Wisconsin businessman and his adult son were arrested and charged with bankruptcy and bank fraud charges for allegedly hiding assets. The two filed for bankruptcy in 2012, which resulted in the bankruptcy litigation they are now facing.
The two formed a business together where they bought a large amount of Wisconsin foreclosed homes and turned them into rental properties. The father and son saw the success of their business slowly dwindle and their debt increase until they filed for Chapter 11 bankruptcy. The company's financial woes could be due, in part, to the amount of expensive cars and boats owned by the businessman.