Kenneth B. Ponce convicted of bankruptcy fraud

Kenneth B. Ponce convicted of bankruptcy fraud

Hidalgo County EMS owner, Kenneth B. Ponce convicted of bankruptcy fraud

McALLEN, TS (STL.News) A 48-year-old man residing in Lyford has pleaded guilty to conspiracy to commit bankruptcy fraud, announced Acting U.S. Attorney Jennifer B. Lowery.

Kenneth B. Ponce is the CEO of Hidalgo County Emergency Services Foundation doing business as Hidalgo County EMS, South Texas Air Med and South Texas EMS (collectively referred to as Hidalgo County EMS).  On Oct. 8, 2019, Hidalgo County EMS initiated bankruptcy proceedings in the Southern District of Texas (SDTX) Corpus Christi Division.  Today, Ponce admitted that during the bankruptcy proceeding, he committed perjury when filing official forms requiring him to disclose financial affairs, debts and assets of Hidalgo County EMS.  Ponce failed to disclose or falsified certain transactions in order to conceal property from the bankruptcy estate.  He also fraudulently received material amounts of property from the bankruptcy estate and permitted others to continue to do so.

As part of the plea, Ponce admitted to fraudulent agreements involving an Edinburg property. The purpose was to forfeit equitable interests and restructuring of over $264,000 in order to give another individual preferential treatment over other creditors.  In official forms filed with the bankruptcy court, Ponce did not disclose any prior agreements concerning the property or related equitable interests Hidalgo County EMS had possessed

Hidalgo County EMS was also paying WFAS Inc.

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