Manahawkin Woman Charged With Bankruptcy Fraud In Federal Indictment

A Manahawkin woman is facing charges in federal court that she not only refused to return money she received in a Ponzi scheme in 2003, but went to great lengths to conceal how much money she received and what she had done with it, according to the US Attorney's office.

Marjorie Parise, 51, was arraigned on Friday in US District Court in Trenton on two charges of bankruptcy fraud and one count of structuring. She was released on $100,000 bail.

The charges stem from a 2003 Ponzi scheme operated by a company known as Global Trading Investments, LLC. Parise and her husband invested $115,750 and received $429,154.91 in profit -- profits that were actually the money of other investors, according to the US Attorney's office. Global Trading later filed for Chapter 7 bankruptcy protection.

In 2006, a judgment was entered requiring Parise to return the proceeds she received from Global Trading. Instead of returning the money, US Attorney Paul J. Fishman said, Parise went to great lengths to conceal large sums of money and assets from the bankruptcy trustee.

Those steps included making false statements and omitting information during a deposition for the bankruptcy proceeding.

In addition, to conceal money and keep assets from being seized, Parise withdrew at least $455,850 in cash between Sept. 14 and Dec. 8, 2006, from bank accounts she had not revealed to the bankrupty trustee. She made 67 withdrawals over 85 days, and withdrew the cash in amounts less than the $10,000 threshold that triggers automatic Currency Transaction Reports, the attorney's office charges.

In November 2006, Parise transferred ownership of her home from her name only into the names of both herself and her husband and increased the home equity line of credit on the home, the attorney's office said.

On July 7, 2008, Parise then filed for individual Chapter 7 bankruptcy protection and in her filing fraudulently failed to disclose millions of dollars worth of real estate holdings and hundreds of thousands of dollars worth of personal assets, the attorney's office said.

Parise is represented by attorney Michael Pinsky of Haddon Township, who declined to comment on the case.

Fishman said the IRS's Criminal Investigation division, under the direction of Special Agent in Charge Victor W. Lessoff in Newark, handled the investigation.

Assistant U.S. Attorney R. Joseph Gribko is handling the case, Fishman said.