Yurezz Home Center files for Chapter 7 bankruptcy as investigations into owner continue

STATESBORO, Ga. (WTOC) — Yurezz Home Center Inc. has filed for Chapter 7 bankruptcy as multiple agencies continue investigating the company’s owner, Richard Altman. Records show the company filed for Chapter 7 bankruptcy July 20 in the U.S. Bankruptcy Court for the Middle District of Georgia.

The bankruptcy petition was signed by Heather Altman, who is listed as a vice president and authorized representative of the company. Heather Altman is the wife of Richard Altman, who was arrested July 8 on a Louisiana case charging him with the illegal transmission of monetary funds.

The bankruptcy filing lists creditors in several Southeast Georgia communities, including Vidalia, Baxley and Guyton, as well as creditors in Florida, Tennessee and Arizona.

The bankruptcy filing comes as multiple agencies continue investigating Richard Altman. The FBI’s Savannah Resident Agency has confirmed it is assisting in the investigation.

Dr. Marc Callazo, a criminal justice professor at Savannah State University and former investigator who is not involved in the case, said the involvement of multiple agencies should not be interpreted as evidence of guilt.

“Don’t take from that, ‘Oh, this person is guilty,’ or ‘This guy is so bad,’ or ‘These people are so wrong,’” Callazo said. “It’s just that each level of investigative agency has different tools.”

Callazo said investigations involving local, state and federal agencies often require different resources and authorities, and each agency may be examining different aspects of a case.

He also said a bankruptcy filing could become relevant if criminal charges tied to a company’s business practices are ultimately pursued.

“Declaring bankruptcy could be a possible part of the defense if there’s a criminal case,” Callazo said. “The key to any criminal case is intent. Did he intentionally falsify documents? Did he intentionally utter false statements?”

Callazo urged anyone with information related to the investigation to be patient while investigators continue their work and to contact law enforcement with relevant information.

Yurezz Home Center has said it is operating on a limited scale and has asked customers to communicate by email. WTOC has requested interviews and comment from the company for multiple stories, including this one, but has not received a response.