Former USC football star and NFL player Rick Sanford, 54, has pleaded guilty to bankruptcy fraud in federal court.
The Columbia chiropractor was sentenced to two years probation, 30 days home confinement and 100 hours of community service, Bill Nettles, the U.S. attorney for South Carolina, said in a statement today.
Sanford’s legal troubles began in February, 2009, when he filed for Chapter 7 bankruptcy. He failed to list among his assets the part-interest he owned in a condominium in Vail, Colo. The share ultimately netted $70,000 when it was sold.
Under a Chapter 7 bankruptcy filing, most of the debtor’s assets are subject to being sold to pay creditors. Any remaining debt is erased, giving the filer a fresh start.
When Sanford’s list of assets was challenged by a federal bankruptcy trustee, the Irmo chiropractor and former professional football player withdrew his bankruptcy petition.