A Bay Area real estate developer who owned a home in Woodside was sentenced on Feb. 18 to 12 months and a day in prison and ordered to pay a $150,000 fine for bankruptcy fraud, according to a press release from the U.S. Department of Justice.
William Garlock, 70, of Tiburon, pleaded guilty in September 2019 to one count of fraudulent withholding of recorded information in a bankruptcy case and one count of fraudulent concealment of bankruptcy assets, the press release said.
According to the plea agreement, Garlock admitted that after a number of his investors forced him into involuntary bankruptcy in federal bankruptcy court in March 2012, he filed bankruptcy schedules that failed to list assets he either owned or controlled, including the Woodside home and a horse.
He admitted that he fraudulently concealed these assets from the bankruptcy trustee and his creditors, according to the press release.
Garlock also admitted that after the bankruptcy trustee obtained an order from the bankruptcy judge requiring him to comply with his statutory duties to cooperate with the trustee and surrender records to the trustee, he fraudulently withheld certain records, including documents identifying him as “wholly owning” a commercial parking garage that had been sold for a large profit several months before the initiation of the bankruptcy case.
A federal grand jury indicted Garlock in a superseding indictment on March 21, 2019, charging him with fraudulent withholding of recorded information in a bankruptcy case and fraudulent concealment of bankruptcy assets.
In addition to the prison term, Judge Vince Chhabria sentenced Garlock to a three-year period of supervised release and ordered him to volunteer 100 hours of his time per year during that period for community service related to the needs of financially disadvantaged persons, according to the press release.
A hearing has been set for April 15 to make a final determination of restitution. The defendant will begin serving the sentence on June 12.