Former Louisiana Rep. William Jefferson Filing Chapter 7 Bankruptcy
Anyone who uses a refrigerator for a bank is bound for financial problems.
Former Lousiana Rep. William Jefferson is filing Chapter 7 bankruptcy, several news agencies are reporting.
This is the latest in a string of problems for the former congressman dating back to 2005. Jefferson made national headlines then when FBI agents raided his offices in Washington, D.C. and New Orleans and found more than $90,000 in cash stuffed into freezers.
Since then, he was convicted on multiple counts of federal corruption charges, the Wall Street Journal Reports. He is also facing a forfeiture hearing in the corruption case over an alleged $470,000 and 30 million shares of stocks he and his family gained through criminal activity.
According to reports, Jefferson and his wife owe $1-10 million to fewer than 50 creditors, including the law firm representing in his current case.