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Rain showers early will evolve into a more steady rain overnight. Low near 60F. Winds light and variable. Chance of rain 80%. Rainfall around a half an inch. Locally heavy rainfall possible.
John H. Wellford III, a 73-year-old developer based in Charleston, recently confessed to falsifying bankruptcy documents in federal court. Wellford's company, Corotoman Inc., which developed the Northgate Business Park in Charleston, filed for bankruptcy in March 2019.
During a bankruptcy process, it is common to disclose any unusual financial transactions made two years prior to filing. Despite multiple opportunities, including instances when he was under oath, Wellford failed to disclose a nearly one-million-dollar transfer from Corotoman to Marsh Fork Development, another company he owns, in May 2018.
Wellford admitted to concealing the financial maneuver to retain the money for himself and his company. He aimed to prevent the funds from being used to pay off creditors seeking to recoup their debts.
In December 2018, Wellford was sued for withholding over $1.56 million in rent from a Ticketmaster call center leasing space at Northgate. The U.S. Trustee Program, which supervises bankruptcy proceedings, noticed the money transfer from May 2018.
Bankruptcy procedures are designed to assist individuals unable to pay their debts while also safeguarding the interests of their creditors. Wellford's actions deprived the system of nearly a million dollars, undermining public trust in both the economy and the judicial system.
So far this year, eight individuals have been convicted of bankruptcy fraud in the U.S., with three cases originating from the Southern District of West Virginia. However, this is not indicative of more prevalent fraud in this district. Rather, it reflects the attentiveness of local federal prosecutors to this type of crime and their efficient process.
Wellford is scheduled for sentencing on August 7. He could face a prison term of up to 20 years and a fine of up to $250,000 or twice the amount of the lost money. However, it is unlikely that Wellford will receive the maximum penalty due to his lack of previous criminal history.
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MORGANTOWN, W.Va. — LUCAS, a first of its kind, state-of-the-art mobile lung cancer screening unit, will visit Jackson, Wayne, Randolph, and Mineral counties offering low-dose computed tomography (LDCT) scans.
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