Guelph Area man charged in $211,000 Bankruptcy

GUELPH, ON, June 29, 2012 /CNW/ - The Royal Canadian Mounted Police (RCMP), Kitchener Detachment Commercial Crime Section, charged Dannie William Donald Gallotti, age 58, of the Guelph area, with three offences under the Bankruptcy and Insolvency Act (BIA). The charges relate to false representations and the abuse of the bankruptcy process.

The RCMP alleges that when Gallotti filed for Bankruptcy in October, 2011 he failed to disclose his entire assets to the Trustee. Gallotti has not been discharged from his bankruptcy. The Bankruptcy and Insolvency Act permits a debtor to obtain a discharge from his or her debts, subject to certain conditions and requirements. These requirements are imposed to preserve and protect the integrity of Canada's insolvency process for the general benefit of investors, lenders, consumers, and the broader public interest.

"The RCMP is responsible for enforcing the Bankruptcy and Insolvency Act and will undertake criminal investigations where evidence of wrongdoing exists", stated S/Sgt. Pierre Gagnon, Detachment Commander of Kitchener Detachment. "The objective of these investigations is to maintain confidence in the integrity of the bankruptcy and insolvency system and the economic stability of Canada."

Gallotti is scheduled for his first court appearance in relation to the BIA charges on Tuesday August 14, 2012, at the Guelph courthouse.

Cst. Rip Mills
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