A 57-year-old Villanova man was sentenced to a year and a day in federal prison for financial fraud and making a false oath or statement, federal prosecutors said Wednesday.
Scott Korn and several of his companies were sued in 2009 for breach of contract and other issues, and a jury in 2014 returned a verdict against him and the companies for approximately $2.4 million, prosecutors said.
In the days following the verdict, Korn purchased a BMW X3, a Porsche 911, and a Porsche Cayman using an American Express card. He also purchased a cashier’s check for $200,000 payable to himself, drawn from his personal bank account. He cashed the check and received $196,000 after paying a check-cashing fee.
He then filed for bankruptcy.
In his bankruptcy filings, he did not list the luxury cars he bought, but did report the amount he owed American Express. And he reported that he only had $9,300 in the bank without reporting the amount he cashed. He also failed to report other assets. He swore under penalty of perjury that he did not own cars and only had a motorcycle and a leased Honda.