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A Stillwell, Kansas, man was sentenced in federal court on April 29, 2025, for committing bankruptcy fraud connected to his healthcare company.
William L. Said, 62, was sentenced by U.S. District Judge Greg Kays to 21 months in federal prison without parole. Said was also ordered to pay $85,000 in restitution, which was paid at the time of sentencing.
Said pleaded guilty on Oct. 1, 2024, to one count of bankruptcy fraud. He admitted to fraudulently transferring and concealing assets in a bankruptcy case involving his business, Restorative Brain Clinic, Inc.
Said was the owner, president, and officer in charge of Restorative Brain Clinic, which offered Transcranial Magnetic Stimulation services. The company filed for voluntary bankruptcy in July 2021. As part of the proceedings, a debtor-in-possession account was opened to manage the company’s operating funds. Said was the only person authorized to access that account.
In September 2021, the United States Trustee for Region 13, which includes the Western District of Missouri, filed a motion to convert the case to Chapter 7 liquidation. The motion cited gross mismanagement and a continuing loss of estate assets.
On Oct. 14, 2021, U.S. Bankruptcy Judge Dennis R. Dow presided over a hearing and granted the motion. The court found evidence of mismanagement of assets, self-dealing, and inadequate corporate controls. Judge Dow ordered the appointment of a Chapter 7 trustee to locate and secure assets for unsecured creditors. The hearing concluded at 4:12 p.m.
Minutes later, Said initiated multiple wire transfers from the debtor-in-possession account. At 4:16 p.m., he transferred $5,000 to his personal bank account. At 4:25 p.m., he sent $12,400 to the bank account of a shareholder in Restorative Brain Clinic. He also wired $16,300 to a medical staffing company and attempted to transfer $5,760 to the company’s landlord. That final transaction was blocked when the account was frozen.
Said further admitted to selling leased medical equipment. In 2018, Restorative Brain Clinic leased equipment manufactured by AB Sciex, LLC. In 2019, Said, also the owner of Cox Scientific, arranged the sale of that equipment to a California company.
Said sent the buyer an invoice that listed the equipment and included serial numbers identical to those on the leased equipment. He admitted to altering those serial numbers to hide the fact that the equipment was leased by Restorative Brain Clinic. He then used the modified serial numbers on the invoice sent to the California company.
The buyer paid $85,000 for the equipment, which Said did not own.
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