Kansas City payday lender pleads guilty to bankruptcy fraud

KANSAS CITY, Mo. (AP) — The co-owner of a one-time Kansas City payday lending company has pleaded guilty to a bankruptcy fraud count related to his 2015 personal bankruptcy, in which prosecutors say he hid more than $1 million in assets.

The Kansas City Star reports that 53-year-old Del Kimball pleaded guilty Tuesday and faces up to five years in prison when he's sentenced on June 2.

Federal officials have accused Kimball of concealing assets, bank accounts and income from his bankruptcy disclosures.

Those included the sale of a warehouse for nearly $1 million, the sale of three cars for more than $120,000, eight wristwatches worth more than $29,000 and a painting by Rolling Stones guitarist Ronnie Wood.