Colasuonno Ponzi Scheme Victim Shares Her Story
By Monrovia Weekly
Published: Thursday, September 3rd, 2009
Monrovia’s citizen of the year, Iris Award recipient, Donna Baker was among the victims of the Tax Doctor, Mark Colasuonno. Baker, who appeared in court for the sentencing of Monrovia own Mini Madoff explained that she had invested money with the defendant and that it is now gone.
She said that she had money in savings and that it was not earning much interest. Colasuonno had been her tax preparer for several years and she turned to him for investment advice.
“I felt I could trust him as we had a long standing business relationship,” she said. “I sold his parents home for them and I sold Mark’s home as well. I also acted as his agent when he bought his home in Covina.”
Colasuonno told Baker that by acquiring a second deed of trust on a home she could earn 10% interest per year on her investment. She wrote a check to American Financial Network which Colasuonno said would acquire the trust deed which would be repaid with a balloon payment at the end of two years.
Initially, after several inquiries, Colasuonno furnished he first with a promissory note and later with a Deed of Trust which he had notarized him. This deed gave her in essence a second mortgage on property owned by a couple named Diaz. She attempted to foreclose on the property and found she could not. She had not received any money back.
She has been philosophical about her loss. Baker said “I feel sorry for the older people he stole from. I am still young enough to support myself while I work to recover from Mark what he stole from me. The seniors can’t.
One of the victims in the first case filed against the Tax Doctor, Paige Lopez said that his elderly aunt was one of the unfortunate ones. He and his brother Frank had invested money they received from their late uncle. Their aunt, his wife, has been so upset by the embezzlement that she has been slipping more quickly into dementia.
According to Lopez, “She was doing a bit better a few weeks ago especially when I told her Mark was in custody. She told me to go buy Champagne.”
By Susan Motander
14 Responses for “Colasuonno Ponzi Scheme Victim Shares Her Story”
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Let’s see someone invests money and the investment is lost. Attempting to FORECLOSE on another person as a way to make money??? Then once the foreclosure on some poor soul can’t be done they sue in court. This whole thing is just dirty. The family of the “Tax Doctor” is now suffering and very saddened by all of this. Certainly if the man did the crime he should do the time. But just because he lost someone elses money in an investment opportunity does not make him a criminal. SOUR GRAPES sends a man to prison ans ruins a family?
You don’t know or understand the whole story. They money was most likely never given to Diaz, it was kept by Colasuonno, that is why Baker is upset and one of the reasons Mark is in jail.
I have no idea if Mark is guilty or not. He very well could be. My point is that the media plays on these stories terms it >Mini Madoff” because it sells newspapers. The people investing money could very well have claims on the other hand because Mark was never able to tell “his side of the story” I am just making a statement that there always TWO SIDES to every story. If you know how the news-media works then you know that selling one-sided stories and “blowing them up” yo be bigger than reality really helps to sell newspapers an d get people watching TV and listening to radio shows. The truth is usually inconsequential and takes a backseat to the real truth.
I know of a young lady you was in a tragic traffic accident in which a motor-cycle officer was killed. The television news and newspapers both presented half truths and basically presented this young lady as a reckless driver who was at fault. There never was retraction when the facts of the accident came out that it was an ACCIDENT and not reckless driving or some sort fault of the young lady driving. The news reports DEVESTATED the young lady who had a very difficult time with the fact that someone was killed and she was being held responsible when she should not have. Did the news (channels 2 and 9) retract their “reckless driving” charge…absolutely not. Did the papers ever say anything about th eyoung lady being totally released of any wrongdoing or responsibility? NO.
Trusting your money to another person is NEVER smart advice. When you do trust your money to another person there is ALWAYS risk involved…always…even to the most honest of people. If the Tax Doctor has agreed to pay back people he has wronge dthen that speaks to me too, but just people an investment went bad does not mean there was a crime committed.
Our newspapers are now, and always have been, free
Again, it wasn’t an investment gone bad. It was an investor gone bad. That is why he is in jail, he commited a crime. You are not understanding the story. The paper is not reporting mis information.
Really? Newspapers are free…??? NOTHING is free. ADVERTISEMENTS pay for staff and writers and publishing costs. It aint free. Again another mis-representation. Just like internet sights have ads they sell to people/companies based on how many hits a site gets– a “free newspaper” gets money from ads from people/businesses based on circulation. If you dramatize a story to sound really bad and don’t give an opposing view point or a “what if…” that makes it that much more scandal to pass on to the people. Everyone knows that DIRTY LAUNDRY sells in the United States.
What prison did Mark go to?
Seek if you want. I would not pass this on to anyone. I know Mark and I still cannot fathom this all being the truth the way it is being presented.
I have to agree with Robert. The above mentioned article depicts someone that is obviously smart if involved if being an agent in buying and selling property. Why allow someone that does taxes and not an investment broker to invest with? Looking for a sweater deal then an average person can find? Take some responsibility for your own actions.
I know Mark, and sooner or later this was going to happen to him. Robert apparently missed the part about the FORGED deed of trust.
Robert, seriously! Two sides to every story, like the two sides you and your partner enjoy exploring. I was shown the documents Marc was peddling on the elderly. He claimed he was a financial advisor, he has no license, he has no real estate or mortgage license, he’s not even a licensed accountant. So whoever trusted him hundreds of thousands of dollars was silly because he had no credentials. He lied about the investments he was making, it was theft plan and simple that’s why he plead no contest Robert. As far as Ms. Baker, she’s a realtor, which means she’s stupid too, getting paid to pick-up the phone and drive people to a house for sale doesn’t get you a degree last I checked or require any intelligence.
you must be friend with him
Please, family suffering. They have lived a good life through all of this. They have lived in million dollar homes at the expense of other. Nice car, vacation home, private school. mark goes to jail for a few years and then he get to come out to all the money and homes that he and his wife have put in her name . boy, I would go to jail for a few year to be able to come out to so many fun toys. Look him up at his lake home I,ve been there at it is nicer they anything I have ever had.