Home Courts Maywood Electrical accused of dodging payments on $520,000 loan

Maywood Electrical accused of dodging payments on $520,000 loan

For three years, Steven D. Quagliano claims, Thomas J. Carlucci and Maywood Electrical Co. have repeatedly acknowledged that they still owe money on a $520,000 loan – but keep making excuses for not paying up.

Now the balance of the loan plus interest totals $636,363, according to Quagliano, who is suing Carlucci and Maywood in Westchester Supreme Court to enforce the alleged obligation.

Quagliano, of Greenburgh, claims that Carlucci, of Mahopac, approached him in 2012 for a personal loan because his company, Maywood Electrical in Port Chester, was experiencing cash flow problems stemming from late payments from clients.

Quagliano says he loaned Carlucci $520,000 at 8.25% interest and payable within five years, and Carlucci and Maywood promised to pay him back.

Carlucci allegedly failed to mention that he owed “significant money” to individuals and entities, including taxing authorities.

The complaint does not cite specific examples, but a federal tax lien filed in 2018 lists a $154,394 assessment against Carlucci for failure to collect and pay federal employment taxes.

Quagliano accuses Carlucci of transferring funds to his wife, Lisa, to avoid paying creditors. He claims, without citing examples, that the couple used all or part of the money to pay personal expenses.

Carlucci has paid back $289,106 according to the complaint, but stopped making payments in June 2018.

For three years, Quagliano says, Carlucci has promised to do everything in his power to pay off the loan. He promised that he was working out a plan. He promised to pay the loan with proceeds from a future sale of property.

Now that property is being sold, the complaint states, and assets are being transferred out of state “in order to avoid creditors.”

Quagliano accuses Carlucci and Maywood of fraud, unjust enrichment, conversion and breach of contract.

Carlucci did not respond to an email submitted to Maywood Electrical, asking for his side of the story.

Quagliano is represented by Manhattan attorney Michael S. Horn.

LEAVE A REPLY

Please enter your comment!
Please enter your name here