Michael Mastro
Michael R. Mastro (born June 1, 1925)
Mastro's bankruptcy has been described as the largest
Biography
Michael Mastro started his career in the real estate business in 1967, developing real estate projects worth at least $2 billion over 40 years, including commercial buildings and houses. He was involved in
In 1974, Mastro met
In 1989, Mastro sold office buildings, which he had developed with a partner, to Boeing for $211 million. In the early 2000s, Mastro started buying raw land for the development of residential housing.[19]
Bankruptcy
Mastro was forced into involuntary bankruptcy
In May 2010, a ruling was handed down by bankruptcy judge Samuel Steiner that two diamond rings valued at $1.4 million were not available to creditors since they belonged to Linda Mastro.[21]
In February 2011, Mastro suffered a head injury while residing in
In June 2011, a judge ordered Michael and Linda Mastro to hand over the two diamond rings.[1]
In May 2013, it was reported that the bankruptcy trustee, James Rigby, had filed an 82-page report that valued all of the jewelry seized from the Mastros at $3 million.[23]
Mastro's bankruptcy is believed to be the largest personal bankruptcy ever in the state of Washington.[1]
Bankruptcy fraud and money laundering
The couple did not comply with the judge's order to hand over the diamond rings and disappeared in June 2011.
On October 25, 2012, one day after being arrested in France, the Mastros were
On November 15, 2012, the
On December 12, 2012, the Seattle Times reported that Michael and Linda Mastro had been released from jail after being
By December 12, 2012, the United States had not filed for extradition, which according to James Rigby, the United States court-appointed
Attempted extradition from France to the United States
On February 23, 2013, the Seattle Times reported that the
On June 5, 2013, the Court of Appeals of Chambéry denied the extradition of Michael and Linda Mastro from
Movement of Mastros after financial problems surfaced
Before their bankruptcy, the Mastros lived in a large waterfront house in Medina, a city in the Seattle metropolitan area. They moved to California in 2010. In 2011, they started a journey that began at Mr. Mastro's sister's house in Seattle, continued to Toronto, Ontario, Canada, and, according to investigators at Focus Ltd., ended in a €5,000 per month house in Veyrier-du-Lac, France, on the eastern shore of Lake Annecy.[35] They then moved to Saint-Marceau, France, where the Mastros were arrested in 2012.[36]
Related bankruptcy of Tom Hazelrigg III
Tom Hazelrigg is a long-time business associate of Michael Mastro who was forced into bankruptcy by James Rigby and two other creditors in February 2012. On December 14, 2012, Judge Timothy Dore denied Hazelrigg a discharge of his debt. Hazelrigg owed Mastro $76 million.[37] In March 2015, he was sentenced to four and a half years in prison for tax evasion.[38][39]
Controversy surrounding sale of Mastro's Medina home
In November 2012, Judge Marc Barreca denied Jack Dorssers, a former business associate of Mastro, a share in the $8.36 million proceeds from the sale of Mastro's Medina, Washington, home. The judge ruled that Dorssers' contention that Mastro had put up the house as
Appeal
On September 9, 2014, Rami Grunbaum of the Seattle Times wrote that a federal appeals court in San Francisco had ruled that Linda Mastro was entitled to appeal the bankruptcy court's ruling about her assets.[41]
See also
References
- ^ a b c d e f g h i "Mastros defend their actions, plan to 'retire in peace'". The Seattle Times. Archived from the original on 2021-03-05. Retrieved 2024-01-29.
- ^ Brown, Eliot (2011-09-21). "THE PROPERTY REPORT: Creditors Seek Missing Developer - WSJ.com". Online.wsj.com. Retrieved 2012-11-29.
- ^ a b "How to Go Bankrupt, the Millionaire's Way!". Seattle Weekly. Archived from the original on 2018-07-15. Retrieved 2018-07-14.
- ^ "French judge spares Seattle couple from extradition". Q13 FOX News. 2013-06-06. Retrieved 2018-07-14.
- ^ "Fugitive Seattle real-estate developer, wife arrested in France now face 43-count indictment". Archived from the original on 7 May 2019. Retrieved 28 October 2012.
- ^ Pryne, Eric. "Mastros' $1.4M diamonds now reportedly in France | Business & Technology". The Seattle Times. Retrieved 2012-11-29.
- ^ a b Bill Singer (2012-04-18). "Rolls Royce, Diamonds, Gold Coins, Wines Cited In Couple's Bankruptcy Fraud". Forbes. Retrieved 2012-11-29.
- ^ "Diamonds Aren't Forever; Cover Your Assets". American Greed: The Fugitives. Season 1. Episode 13. Kurtis Productions. 2013-11-21. CNBC.
- ^ Sanjay, Bhatt (2013-11-20). "Mastro story featured on CNBC's 'American Greed'". The Seattle Times. Retrieved 2017-06-05.
- ^ Buhain, Venice (2012-10-26). "Michael and Linda Mastro Accused of Stashing Assets in Belize Off-Shore Trust". Bellevue Patch. Retrieved 2017-06-05.
- ^ James F. Rigby, Jr., Trustee, solely in his capacity as Chapter 7 trustee of the bankruptcy estate of Michael R. Mastro, Plaintiff, v. Michael R. Mastro and Linda A. Mastro, and their marital community; Michael K. Mastro and Jane Doe Mastro, and their marital community; LCY, LLC, a Delaware limited liability corporation; LCY, LLC–Series Home; LCY, LLC–Series Jewelry; LCY, LLC–Series Automobiles; The LCY Trust; Compass Trust Corporation, a purported Belizean entity; Compass S.A.; Mastro Revocable Living Trust; Mastro Irrevocable Trust; Concept Dorssers, a purported Monaco company; Hendrik J. Dorssers; and Avatar Income Fund I LLC, a Delaware limited liability company, Defendants. (Bkrtcy.W.D.Wash. September 27, 2011), Text.
- ^ Anderson, Julia (June 21, 1999). "DRIVERS LICENSING OFFICE TO GO INTO TOWN PLAZA". The Columbian. McClatchy-Tribune Information Services. Archived from the original on March 28, 2015.
- ^ Gardner, Steven (January 22, 2001). "TOWN PLAZA TO GET $1.5 MILLION MAKEOVER". The Columbian. McClatchy-Tribune Information Services. Archived from the original on March 28, 2015.
- ^ "DOWNTOWN RENTON GETS MORE LUXURY HOUSING". Seattle-Post Intelligencer. Hearst Communications Inc. July 5, 2001. Archived from the original on January 25, 2013.
- ^ Taus, Margaret (September 6, 2001). "JUDGE LETS LANDLORD GO, BUT TROUBLE ISN'T OVER COURT DEADLINE FOR APARTMENT REPAIRS CAME AND WENT $25,000 FINE POSSIBLE". Seattle-Post Intelligencer. Hearst Communications Inc. Archived from the original on January 25, 2013.
- ^ Mulady, Kathy (June 1, 2000). "A DAVID VS. GOLIATH BREW-HAHA JAVA JAHN FIGHTS BIG NAMES FOR BUILDING'S CAFE". Seattle-Post Intelligencer. Hearst Communications Inc. Archived from the original on January 25, 2013. Retrieved Dec 6, 2012.
- ^ "How to Go Bankrupt, the Millionaire's Way!". Archived from the original on 2016-03-02.
- ^ a b http://www.assetsearchblog.com/files/2012/11/Mastro-indictment.pdf [bare URL PDF]
- ^ "The ritual: Father and son, Mastros share lunches and profits".
- ^ Jay Adkisson (2012-04-18). "The Washington Woes Of Michael Mastro And Friends". Forbes. Retrieved 2012-11-29.
- ^ Frank, Robert (2010-07-19). "Michael Mastro Is Living Large in Bankruptcy - The Wealth Report - WSJ". Blogs.wsj.com. Retrieved 2012-11-29.
- ^ "Mastro's mental competency could be an issue in French court this week, lawyer says". Puget Sound Business Journal. Bizjournals.com. 2012-11-05. Retrieved 2012-11-29.
- ^ Bhatt, Sanjay. "Seized Mastro jewelry valued at $3 million". The Seattle Times.
- ^ a b Pryne, Eric (2012-11-09). "Mastros to remained in a French jail after judges refuse appeal | Business & Technology". The Seattle Times. Retrieved 2012-11-29.
- ^ "French court denies extradition request for former Seattle real estate investor". The Oregonian. 2013-06-05.
- ^ Pulkkinen, Levi (2012-10-25). "Captured Medina developer Mastro, wife indicted". seattlepi.com. Retrieved 2012-11-29.
- ^ Kepes, Laure. "Lawyer seeks no jail for Mastro | Business & Technology". The Seattle Times. Retrieved 2012-11-29.
- ^ "Mastros must remain in jail, French court rules - Puget Sound Business Journal". Bizjournals.com. 2012-11-09. Retrieved 2012-11-29.
- ^ Pryne, Eric (2012-11-15). "Mastros' $1.4 million diamond rings recovered, attorney says | Business & Technology". The Seattle Times. Retrieved 2012-11-29.
- ^ Pryne, Eric. "Mastros freed from French jail". The Seattle Times.
- ^ Pryne, Eric. "French court: Mastros can't be extradited if there's jail ahead in U.S." The Seattle Times.
- ^ "La cour d'appel de Chambéry refuse l'extradition du couple Mastro vers les États-Unis". France 3 Auvergne-Rhône-Alpes. 5 June 2013.
- ^ "The Seattle Times | Local news, sports, business, politics, entertainment, travel, restaurants and opinion for Seattle and the Pacific Northwest".
- ^ "French Court Declines to Extradite Michael and Linda Mastro". 5 June 2013.
- ^ Goodley, Simon (2013-06-23). "On the trail of Michael Mastro: how to flee the law when you are 87". The Guardian. London.
- ^ Pryne, Eric. "Fugitive Mastro and wife arrested in France". The Seattle Times.
- ^ "Mastro creditor Hazelrigg loses round in court".
- ^ "Mastro pal Hazelrigg gets 4.5-year sentence for tax evasion". The Seattle Times. 19 March 2015.
- ^ "Mastro associate Tom Hazelrigg III appeals prison sentence for tax evasion - Puget Sound Business Journal". Archived from the original on 2015-04-26.
- ^ Pryne, Eric. "Mastro associate appeals bankruptcy ruling on mansion". The Seattle Times.
- ^ Grunbaum, Rami. "Mastro case gets new life in court". The Seattle Times.