CALABASAS, CA — A Calabasas-based real estate developer was indicted Friday for bankruptcy fraud and concealing money in shell companies, according to the U.S. Department of Justice.
Mark Handel, 66, was charged in a nine-count indictment with one count of making a false statement in a bankruptcy case, two counts of concealing assets belonging to a bankruptcy estate, one count of falsely testifying under oath at a bankruptcy proceeding, and five counts of money laundering.
Handel filed for bankruptcy in April 2015, and then made a series of false statements to avoid debts exceeding $10 million owed to creditors, according to the indictment. It alleges that he formed several corporations and limited liability companies to conceal his income and involvement in real estate development projects, and did not put his name on the corporations to hide his business activities.
Handel even registered one corporation as DTMM, which he reportedly told associates stood for “Don’t Touch My Money,” and put it in his wife’s name. According to the indictment, Handel used DTMM for his personal expenses.
During bankruptcy petitions, creditors hearings, and other proceedings, Handel made false statements under penalty of perjury, the indictment alleges. He allegedly lied that he