A Colts Neck man faces up to five years in prison has a $250,000 fine to pay for allegedly filing a fraudulent bankruptcy petition where he claimed to have limited assets and hundreds of millions of dollars in liabilities when he actually had $2.9 million in a hidden bank account, Acting U.S. Attorney Rachael Honig announced prior to his first court appearance on Thursday.

Get our free mobile app

Elia Zois, 56, was charged by complaint with one count of concealment in bankruptcy.

Attorney Honig said that Zois was one of five partners in “Business-2,” a New Jersey-based health care organization that operates 50 senior living facilities throughout New Jersey, Michigan and in Wisconsin.

Zois and his spouse filed for Chapter 7 bankruptcy protection in February of 2019 because he said he only had $9,000 in assets and $201-million in liabilities from his partnership with Business-2 between 2014 and 2018.

Forensic investigators looked into it and through their accounting report found out that Zois had actually received $2.9 million in deposits into the bank account of “Business-2” –which he was the sole owner of, including approximately $200,000 in undeclared income, after he filed for bankruptcy.

"The hidden account was intended to conceal a portion of his income to circumvent existing IRS liens on his known assets," Honig said in a statement.

The government is represented by Senior Litigation Counsel V. Grady O’Malley and Special Assistant U.S. Attorney Kendall Randolph of the U.S. Attorney’s Office’s Organized Crime/Gangs Unit.

Defense counsel: Timothy M. Donohue Esq., West Orange, New Jersey.

You can follow Vin Ebenau on Twitter and Instagram and email news tips to vin.ebenau@townsquaremedia.com.

When Ocean and Monmouth County Police saved the day

Have You Seen Them? Monmouth County's Most Wanted

12 Times Being High Cost NJ Residents & Towns

Have You Seen Them? Ocean County's Most Wanted

NEXT: 10 Jersey Shore School Districts Losing Millions From S2 School Funding Formula

Ten times drunk driving changed New Jersey Lives Forever

Strange NJ Laws You've Never Heard Of

Marijuana legal in NJ: How do the laws work?

Answers to common questions about legalized recreational marijuana in New Jersey and rules about underage use of weed.

NEXT: INSIDE JOE PESCI'S HILARIOUSLY OVER-THE-TOP LAVALLETTE MANSION

LOOK: GO INSIDE JON BON JOVI'S $20 MILLION MIDDLETOWN MANSION

Go Inside Mike 'The Situation's' NJ Mansion

TAKE A TOUR OF JON BON JOVI'S NEW $43 MILLION PALM BEACH MANSION

Jersey Shore Nor'easter 2021 Listener Pictures

LOOK INSIDE: The Most Expensive House in Rumson

This is the most expensive house for sale in Rumson, NJ in 2021

Peek Inside Snooki's New Toms River Waterfront Home

LOOK: See the iconic cars that debuted the year you were born

NEXT: The 100 Best Places to Live on the East Coast