More Lawsuits to Come in Mini Madoff Matter
By Monrovia Weekly
Published: Thursday, September 3rd, 2009
The attorney for the Paige and Frank Lopez has said that he will file a civil action against at Mark Colasuonno within the next 30 days. Additionally, attorney Ernest Algorri has said that he is representing the Lopez brothers in this matter and that he file the lawsuit soon.
Unfortunately, by pleading no contest rather than guilty, Colasuonno has made the lawsuit even more complicated. Algorri called the plea Colasuonno’s “last great act of cowardice.” He explained that the Lopez brothers and any other victims would need to prove all the elements of the fraudulent transactions since Colasuonno has not admitted any wrongdoing in the criminal case.
Algorri indicated that because the money the Lopez brothers entrusted to Colasuonno was not put into an annuity as they were told, but rather was diverted to a “risky business venture” there may be an avenue to pursue in search of funds with which Colasuonno can make the required reparations. He said that it will require extensive depositions and other actions to locate any money or assets belonging to Colasuonno.
Algorri indicated that he felt the Lopez’s suit might only the first such action and that he intends to pursue the matter as quickly as possible now that the criminal activity has been resolved. He indicated that the suit was not pursued until that action was concluded.
No further information on other possible civil suits was available as of press time, though any new developments will be reported in this paper and online at monroviaweekly.com as they become available.
By Susan Motander
4 Responses for “More Lawsuits to Come in Mini Madoff Matter”
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Wow, what a creep.
[...] More Lawsuits to Come in Mini Madoff Matter [...]
Yes indeed a lawyer trying to make as much money as possible on the misfortune of others. “Buyer beware” is what my father told me and just because the complaintants say they were supposed to have an annuity set up?? Why go to the Tax Doctor for that? Sounds fishy to me. When we lose money due to a bad investment some one MUST be blamed right? If you line dup all the happy people that the Tax Doctor made money for they would outnumber these complaintants 100 – 1. But I guess they don’t count, just the ones that lost money and now want some one else to pay for it. Bernie Madoff is gonna have far reaching effects on those who invest money for others.