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Moncure still silent in bankruptcy case

James Ashby Moncure

James Ashby Moncure

RICHMOND—James Ashby Moncure appeared again before his creditors Friday. But he remained tight-lipped throughout an hour of questioning.

The meeting of creditors was held in the U.S. Bankruptcy Court in Richmond in Moncure’s Chapter 7 bankruptcy case.

Trustee Lynn Tavenner, a Richmond-based bankruptcy attorney, was the only one to pose questions, and only three of Moncure’s creditors were present.

Moncure declined to answer all questions by invoking his Fifth Amendment right against self-incrimination.

Moncure, 41, is being investigated on allegations that he did not use real estate investment funds for their stated purpose in the Fredericksburg area.

This stems from an email Moncure sent on March 4 to noteholders indicating he would not be able to repay the promissory notes.

Investigators, both of Fredericksburg police and the FBI, have identified nearly 50 possible victims and $20 million in losses in the case. Moncure has not been charged.

During the first exploratory meeting with creditors in May, about 40 people, mostly creditors and attorneys, attended and asked questions, while Moncure responded, “I plead the Fifth” to almost every inquiry.

He read “The Hobbit” before the start of the meeting and during breaks. This time, he brought along a copy of George Orwell’s “Animal Farm,” but didn’t get much reading done since he was 30 minutes late for the hearing.

Moncure declined to answer questions posed by Tavenner about the keys to his Fredericksburg-area properties and whether any items has been removed from them, the value and whereabouts of his vehicles, what insurance policies he holds, information about two guns listed as property but registered under another name, any current employment, involvement with former projects or if he has bank accounts other than the 13 business and personal accounts disclosed to the court.

Tavenner moved, in light of the little information gathered, to adjourn so she can further investigate whether more bank accounts exist and what property might be available to liquidate.

The creditors will have the opportunity to come back and question Moncure on Sept. 5.

Tavenner said that she, as the trustee, continues to be involved in seeing whether additional assets can be identified and used to distribute funds to the creditors.

Moncure was represented by attorney Robert M. Marino of Alexandria.

The financial statements submitted by Moncure in the original bankruptcy filing disclose $16.3 million in assets.

A large portion of that is in the Quantico Corporate Center development in North Stafford, of which Moncure was a partner. He listed $8.1 million in liabilities in his initial filing.

Some people who lent money to Moncure were told their funds would be used for investments near the Quantico development, according to the filing.

That and other real estate holdings make up the large majority of Moncure’s assets. They include property in Spotsylvania County with a mobile home, two large homes in downtown Fredericksburg, a property in Nelson County, undeveloped land in Stafford and additional residential property in Virginia and North Carolina.

Lindley Estes: 540/735-1976