William Jefferson, the former U.S. congressman from Louisiana who was convicted of corruption after federal agents found $90,000 in his freezer, has filed for bankruptcy. A chapter 7 liquidation petition filed last week by Jefferson and his wife, Andrea, reveals that the couple owes between $1 million and $10 million to about 50 creditors. The petition also lists their estimated assets as being worth between $10 and $50 million. When someone files for chapter 7 bankruptcy liquidation, their assets are sold and the cash goes to creditors. Some property may be exempt from sale. In early August, Jefferson was convicted of peddling his congressional influence to land his wife and children lucrative contracts in Africa. In addition to guilty verdicts for bribery, racketeering, and money laundering, the jury ruled that Jefferson, who was a member of the Congressional Black Caucus and several key congressional committees, must relinquish about $470,000 in bribery receipts. When he was elected nearly two decades ago, Jefferson became the first Black congressman from Louisiana since Reconstruction. In 2005, the FBI raided his Capitol Hill home and found the $90,000 in bribe money wrapped in foil and stashed in frozen-food boxes. Prosecutors told jurors that the money was to secure the vice president of Nigeria’s help with a telecommunications venture.

TAGS: $90, 000, bankruptcy, bribery, influence peddling, Rep. William Jefferson

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