Former owner of the Edmonton Oilers, Peter Pocklington was indicted today by a federal grand jury concerning two bankruptcy fraud charges. Pocklington was arrested at his home in Palm Springs. He faces up to 10 years in prison if he is convicted. Police searched Pocklington's residence and a couple of storage units that he controls, looking for proof that he didn't disclose all his assets when he filed for bankruptcy in Riverside, California in August 2008.
At the time, Pocklington disclosed having over 19 million in debts against assets of $2,900 which included $300 worth of clothes and shoes. Apparently he failed to disclose two bank accounts that he had sole signatory authority. Pocklington is alleged to have "parked money, business interests and the deed to his home" in a number of offshore companies he had formed.
Pocklington is probably best remembered as the former owner of the Edmonton Oilers who traded hockey legend Wayne Gretzky to the Los Angeles Kings in 1988, for other players and $15 million in cash. In 2002 Pocklington moved to Palm Springs after a series of business failures that required government bailouts in Canada. His bid to become a US citizen is still pending.
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