Today we will look at the letter "S". The question arises, should S be for Scam, or for Seidling?
Yes, poor Mr. Seidling, a 73 year old Key West, Florida and Hayward, Wisconsin man with only $195 to his name, was forced to file bankruptcy, and what made it even worse, he was unable to participate in his bankruptcy proceedings because of mental and physical infirmities.
Well, don't feel too bad about Seidling, as there is more to the story that resulted in Seidling being convicted by a jury on March 13, 2025 of two counts of Fraud and one count of criminal contempt of court. When Mr. Seidling filed bankruptcy in 2022, he stated he had no real estate, retirement accounts, trust, partnerships, or business related property. He further stated he had only one deposit account with a balance of $195. In actuality, Seidling had millions of dollars in personal and business assets, including more than $3M in personal and business bank accounts, over $1M hid beneath his home, and over $100K in cash discovered in his home together with more than $4M in uncashed cashier's checks.
Seidling defrauded the bankruptcy court by representing he could not meaningfully participate in his bankruptcy case because of his mental and physical health, while he was able to manage his businesses, conduct banking activity, and play tennis.
Seidling also violated an order issued by the bankruptcy court prohibiting the transfer or dissipating of assets when he transferred real estate and drained bank accounts.
Seidling is no stranger to the judicial system, as in 2013 he was convicted in Wisconsin of 50 counts of mail fraud and sentenced to 3 years in federal prison.
His sentencing is scheduled for June 11, 2025.
