Former Tax Doctor Mark Colasuonno to Face Embezzlement Charges in Pasadena Courthouse
By Monrovia Weekly
Published: Wednesday, July 29th, 2009
Mini Madoff Trial Set to Begin
The trial of Mark Colasuonno, Monrovia’s Mini Madoff was set to begin today, July 30, but has been continued to next Wednesday, August 5.
The former Tax Doctor has been charged with Grand Theft by embezzlement, that charge being enhanced by the allegation that more than $100,000 was stolen from his victims, many of whom were elderly Monrovia residents who thought their money was being put into secure investments.
Colasuonno is alleged to have embezzled money from clients of his tax preparation firm by illegally investing and losing money entrusted to him. Paige Lopez, one of Colasuanno’s alleged victims, said that the former Tax Doctor started preparing his tax returns in the late 1990s.
After several years of working with Colasuonno, Lopez said that it was around 2008that he began to become suspicious that money he had entrusted to Colasuonno was not invested into an annuity as he had been lead to believe. Eventually, he discovered that, despite regular statements from Colasuonno to the contrary, the money was gone.
After Colasuonno’s arraignment and preliminary hearing, a Superior Court Judge ruled that there was sufficient evidence to necessitate a trial. As a condition of his release on his own recognizance and without bail, Colasuonno was ordered not to prepare taxes or create another company until these allegations were properly addressed.
The trial will be held in Department E of the Los Angeles Superior Court in Pasadena before Judge Teri Schwartz. Although the trial is set to begin at 10 a.m. on Wednesday, the court has a ten day windows in which to actually begin the trial, which may also be sent to another courtroom for adjudication.
By Susan Motander
3 Responses for “Former Tax Doctor Mark Colasuonno to Face Embezzlement Charges in Pasadena Courthouse”
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I invested 60,000. with Mark and my sister lost 40,000.00. Since that is 2 people and there have been many, many, more how can you say he stole only 100,000.00? I heard it is closer to 6 to 8 million.
Eunice, My brother and I will be in court on the 27th, you should join us to see justice served.Take care, Paige
Was mark even a investment broker, or just a tax preparer that people trusted. I would have trusted this man with my money. If I had any money to invest. I am not saying anything against those who invested.