Colts Neck man claimed he had limited assists when he actually had $2.9-million in a hidden account

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.

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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.

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