Looking into the future, Jared worries that he will lose his life savings and his company. Over the past 40 years, Jared has worked hard to earn his money. Being involved with a partnership heading towards bankruptcy, Jared realizes that he can lose everything he owned. After speaking with several close relatives, Jared realized he could give the money to relatives for a short time. Jared considered it a long-term loan that he really wouldn't report to the bankruptcy trustee in the future. After loaning the money, Jared only had $20,000 that the creditors could take. Smiling secretly to himself, Jared signed the bankruptcy petition that would free him for the rest of his life.

Required:

1.What are some of the issues that the bankruptcy trustee needs to examine?

2.What could the fraud investigators do to find the money Jared transferred?

3.What kind of punishment could Jared receive for the above act?