DEARBORN HEIGHTS — This week, a Dearborn Heights man pleaded guilty to three counts of bankruptcy fraud and one count of money laundering, admitting that he did not disclose to the court that he owned luxury cars and jewelry, and that he had cash on hand, when he claimed bankruptcy.

Adnan Hassan Tageddine, 42, was charged following a lengthy investigation by IRS agents, who discovered a scheme dating back to 1999, when he filed for bankruptcy in Detroit, authorities said.

During the bankruptcy filing process, applicants are required to include a list of all personal property, including cars, homes, and monies. Tageddine failed to disclose that he owned several cars, jewelry worth thousands of dollars, and had also set aside extra cash.

He faces a five-year prison sentence for each count of bankruptcy fraud and an additional 20 years for the count of money laundering. His maximum sentence for the combined charges could be over 35 years, in addition to having to pay fines totaling over $1.25 million.

IRS Special Agent in Charge Erick Martinez told The Detroit News: “Hiding assets from the bankruptcy court is a very serious offense and is extremely costly to the American public.”

Tageddine’s sentencing is scheduled for August 12 at 3 p.m., before U.S. District Judge Arthur Tarnow.