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Arizona developer gets prison over false bankruptcy record

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Posted at 6:59 PM, Aug 29, 2016
and last updated 2016-08-29 21:59:20-04

An Arizona real estate developer has been sentenced to two years in prison for submitting false statements in his bankruptcy petition.

Federal prosecutors say 62-year-old Alexander Papakyriakou—also known as Alex Papas—was sentenced Monday in U.S. District Court in Phoenix.

A judge will impose restitution at an Oct. 21 hearing.

Papakyriakou pleaded guilty in February to falsification of records in bankruptcy.

Prosecutors say he tried to conceal assets and property transfers from the bankruptcy trustee.

In 2011, Papakyriakou filed a voluntary bankruptcy petition in which he claimed he had less than $1 million in assets and more than $144 million in liabilities.

As part of his guilty plea, Papakyriakou admitted transferred all of his significant holdings into the names of other entities while still maintaining control.