Last month a report came out that Jacqueline Laurita‘s bankruptcy fraud case had been settled for a $1 million dollars. But it turns out – settled?! – not so much! An update reveals that the trustee is seeking more time to investigate.
I personally have been digging into this story, since we’ve been hearing so many conflicting reports, and the Signature Apparel Bankruptcy fraud case involving Jacqueline, Chris Laurita, and his brother, Joseph is raging on – no matter how much Jacqueline wants to pretend it’s over and done with!
The Lauritas, the former owners of Signature Apparel, LLC, are accused of misappropriating company funds, to the tune of $8 million, for personal use – including vacations, cars, private jets, homes, and shopping – but then filed bankruptcy in 2009 to avoid paying back debts. At that time Signature Apparel was also boasting millions in revenue. Creditors protested the bankruptcy to the trustee, who after investigation, then filed a claim against the Lauritas, resulting in years of court back and forth for the Real Housewives Of New Jersey stars.
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Last week Jacqueline and Chris were scheduled to be return to court, but that has been delayed at the suggestion of the trustee. Despite stories that the trustee and creditors accepted a settlement of $1 million to wipe away debts, that has not been approved by a judge and that motion has been protested by the trustee – which is why the parties were due to be in court this week.
The Lauritas‘ attorneys put forth the settlement suggestion of $1 million, allowing for the trustee to determine which creditors are allocated what amount. The trustee, Anthony Labrosciano, currently disagrees with that offer and is seeking more time to determine how to distribute money and to pursue additional claims and monies.
“These lawsuits have been and continue to be extraordinarily contentious and complex,” Mr. Labrosciano‘s motion explains. He is suggesting court reconvene on January 30, 2015 reports NJ.com so he has time to further investigate.
The court documents are a labyrinth of the Lauritas trying to explain how they had money to finance a lavish lifestyle and other companies, without using the assets of Signature Apparel, which they also allege was losing money, despite evidence to the contrary.
The financial documentations are staggeringly obtuse. The trustee and creditors wonder how the sums the Lauritas were loaned by their creditors were unable to improve a then profitable company, meanwhile the Lauritas were spending on things like financing an off-Broadway play, and are not able to verify that they were investing into SA. The trustee is curious about how their company was, supposedly, sinking, but the Lauritas’ lifestyles became increasingly “opulent.”
Additionally, the Lauritas had stalled on turning over financial disclosures, resulting in creditors accusing them of intentionally thwarting the court and their debts. The Lauritas claimed they were hiring new attorneys and blamed that for the delay.
The Lauritas are also dealing with some tax issues, as a result of their bankruptcy fraud, and their home was recently in foreclosure, but a loan modification saved it. They are currently trying to sell, but so far – no bites!
Isn’t it funny how Jacqueline doesn’t spend hours and hours tweeting about this? Or bringing to everyone’s attention how she lied in her bankruptcy filing?!
Lesson here folks, which we’ve learned time and time again: live within your means, lest you become Teresa Giudice! The Feds will catch you – and the Feds want that money! I wonder if this will become a storyline on RHONJ next season, now that Teresa’s legal issues won’t take precedence.
TELL US – SHOULD JACQUELINE AND CHRIS HAVE TO PAY MORE THAN $1 MILLION?
[Photo Credit: Bravo]
