Feds Arrest Former NHL Owner On Bankruptcy Fraud
Feds Arrest Former NHL Owner On Bankruptcy Fraud
In 1998, Pocklington sold the team to a group of investors in Edmonton. He moved to the US in 2002 and sought US citizenship. His petition for citizenship is still pending. Pocklington filed for personal bankruptcy protection in August 2008, citing debts of nearly $20 million and assets of just $3,000. Federal investigators said that the bankruptcy filing contained several suspicious statements, and that Pocklington had offered artwork, a rug and a desk worth $80,000 to another creditor to settle a debt. The artwork and personal items were not identified as assets in the bankruptcy filings.
Federal investigators believe that Pocklington has hidden assets, including the deed to his Palm Springs home, and money behind undisclosed businesses and in offshore accounts in which Pocklington has a controlling stake.
Pocklington was arrested without incident. New York Rangers owner Glen Sather posted his $1 million bail. A federal judge ordered Pocklington outfitted with an electronic tether and confined to his home, saying that the businessman posed a credible flight risk. He faces as many as 10 years in federal prison if convicted on this charges, after which, he will be returned to Canada.
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