PHOENIX -- A federal grand jury has found a Valley attorney guilty of bankruptcy fraud and money laundering.

James Joseph Everett, 53, of Paradise Valley, Ariz., was found guilty of 33 counts of false declarations in bankruptcy proceedings, bankruptcy fraud and money laundering, the U.S. Attorney's Office said.

The seven-day trial was held before U.S. District Judge James A. Teilborg. Sentencing is set for Aug. 25.

During the trial, the evidence showed that Everett made numerous material false declarations in his Chapter 7 bankruptcy filings designed to conceal from the U.S. Bankruptcy Trustee approximately $500,000 in assets and income, according to the U.S. Attorney's Office.

Everett also used more than $300,000 in concealed assets to purchase a house in Paradise Valley, the office said in a news release.

A conviction for false declarations in bankruptcy proceedings and bankruptcy fraud carries a maximum penalty of five years in federal prison, a $250,000 fine or both.

A conviction for money laundering carries a maximum penalty of 20 years in federal prison, a $500,000 fine or both.