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J.P.R. declared nearly $23 million in liabilities when it filed for bankruptcy in 2019. Since then, 229 claims have been filed for more than $335 million.
"There were numerous badges of fraud in connection with the property transfer," U.S. bankruptcy trustee Marianne T. O'Toole claims.
Balsamo conceded at a creditors meeting that he structured his financial affairs “in part by a desire to avoid the collection efforts of creditors, including the IRS.”
“D’Alessio did not receive fair consideration or reasonable equivalent value in exchange for the … transfers,” the complaint states. He “was insolvent, or had incurred or was intending to incur debts beyond his ability to pay them as they became due.”
“Ronald may have traveled to the Dominican Republic,” the complaint states, “for the purpose of placing (Michael) D’Alessio’s assets outside of the United States.”
“The defendants knew of the debtor’s massive fraud,” the complaint states, “at the time they accepted the transfers.”
A Mount Vernon businessman argued he was forced into bankruptcy by the city’s failure to fulfill its side of a deal to open a supermarket.
Federal authorities have found omissions and peculiarities in her bankruptcy petition.
The U.S. Trustee says KNM Sheet Metal creditors have been damaged because money that could be used to pay debts has been diverted from the company.