Amana couple sent to jail over bankruptcy fraud - KWWL - Eastern Iowa Breaking News, Weather, Closings

Amana couple sent to jail over bankruptcy fraud

PENSACOLA, FLORIDA (KWWL) --  A couple from Amana is sentenced for defrauding Florida bankruptcy creditors out of $350,000 thousand dollars in property, including a vehicle, boats, jewelry, and stocks.

A federal judge in Florida sentenced 60-year-old Gerald Schuerer and his wife, Fay, to prison after a jury found them guilty in November of bankruptcy fraud and mail fraud.

Gerald was sentenced to four years and two months, Fay to two and a half years. Officials say they sold assets to family members, with the understanding they would get them back after going bankrupt.

The couple moved to Florida, where bankruptcy exemptions are more liberal, and filed for bankruptcy protection. They moved back to Iowa and got the property back.

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