Local Racing Enthusiast Charged with Fraud

ROCKFORD (WIFR) – A former Machesney Park man was indicted today by a federal grand jury in Rockford on charges of bankruptcy.

54-year-old Robert Yonkee Jr. , now of Lake Geneva, Wisconsin, filed a Chapter 7 Bankruptcy Petition on September 15, 2008.

The indictment alleges that Yonkee fraudulently concealed property from the bankruptcy trustee, creditors, and the U.S. Trustee, including his ownership interest in: a business that sold auto parts, automobiles, and motorcycles; the U.S. Super Truck Racing Series; Bobby Yonkee Racing, as well as other inventory, merchandise, capital, vehicles, and motorcycles.

The indictment also charges that Yonkee made false statements on a bankruptcy schedule and a Statement of Financial Affairs, both of which were filed under penalty of perjury. In addition, Yonkee was charged with making material false statements under oath in a bankruptcy proceeding during a meeting of creditors.

Each charge carries a maximum penalty of 5 years in prison and a fine of $250,000 or twice the gross gain or loss resulting from that offense, whichever is greater. The judge may also impose a sentence of probation of one to five years and a term of supervised release of up to three years.

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