Prominent Scottsdale attorney, Scott Allan Maasen, was sentenced to 18 months in prison after pleading guilty to one count of concealment of assets in bankruptcy.
Maasen also was sentenced to three years of supervised release and ordered to pay nearly $1.4 million in restitution to the United States Small Business Administration.
Maasen filed for bankruptcy in late 2009 after he stopped making payments on a $1.5 million loan guaranteed by the Small Business Administration. As part of his plea, Maasen admitted that, while his bankruptcy proceedings were still pending, Maasen purchased a $90,000 engagement ring for his fiancé. Maasen admitted he did not disclose the ring or his payments to purchase the ring in his bankruptcy proceedings, although he was obligated to do so. Maasen used credit card and bank accounts in his father’s name to make the payments to give the false appearance that Maasen’s father had purchased the ring.
The investigation in this case was conducted by the Internal Revenue Service—Criminal Investigation and Small Business Administration—Office of the Inspector General.