Edwards

I. BACKGROUND

Duncan W. Edwards is no stranger to the criminal justice system. In the early 1980s, Edwards made misrepresentations to banks in Arizona that allowed him to obtain hundreds of thousands of dollars worth of loans. Edwards admitted that he made misrepresentations to obtain the loans and pleaded no contest to felony theft charges in Arizona state court on Octo- ber 21, 1991. The state court ordered Edwards to pay restitu- tion of $3,057,916.01 to the FDIC, and to serve five years’ probation. The state court later extended probation until July of 2000.

After his Arizona conviction, Edwards relocated to Mon- tana. In early 1998, while still on probation for his Arizona felony, he filled out a loan application in Montana and indi- cated that he had significant assets. He did not disclose the $3 million FDIC obligation arising from his Arizona conviction. On December 15, 1998, Edwards filed for bankruptcy person- ally and for his company, Adventure Motorsports. Subse- quently, a Chapter 7 bankruptcy trustee was appointed. Contrary to Chapter 7 disclosure requirements, Edwards did not disclose all his assets and liabilities, including the $3 mil- lion obligation to…