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“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.”
“Michael has robbed us financially and emotionally,” wrote investor Michael Kohn, who once counted D’Alessio as a friend.
D’Alessio’s attorneys had recommended a three-year prison sentence, “given that Michael is not a predatory fraudster and that his conduct was undeniably affected by his gambling and drug addictions.”
The adversarial lawsuit claims that Michael D'Alessio received $100,000 for property in Suffolk County that was worth $1 million.
He commingled investors’ funds in “Ponzi-like fashion,” according to a news release from U.S. Attorney Geoffrey S. Berman, and channeled the funds through a series of shell companies.
D'Alessio was already facing numerous accusers and creditors who want pieces of his real estate empire.
D’Alessio used his companies “to carry out a massive fraud on numerous investors,” according to the bankruptcy court complaint.
Former White Plains developer Michael P. D’Alessio declared $49.7 million in assets and $97.5 million in liabilities.
The Westchester Bank, Greater Hudson Bank and BNB Bank claim that Michael D’Alessio owes them more than $6.3 million.