The property of a convicted West Roxbury Ponzi schemer and his wife will be sold to recoup some of their $9.77 million in debt, the majority of which is owed to swindled clients.
Steven Palladino is at MCI-Cedar Junction in Walpole after being sentenced in January to 10 to 12 years. He, his wife and son were ordered to pay restitution for convincing at least 33 people to loan Viking Financial Group millions of dollars with the promise of high returns that were never delivered.
Palladino and his wife, Lori, filed for bankruptcy last month, and Viking Financial followed suit last week. The Palladinos listed $1.15 million in assets and $9.77 million in debt.
"Anything having to do with the financial condition and the history of the financial dealings will be investigated by us," said Mark G. DeGiacomo, the court-appointed trustee overseeing the cases. The Palladinos' lawyer could not be reached for comment.
It's "way too early" to say whether defrauded clients will recoup any money, he said. Secured claims typically are first in line for distributions and total at least $304,929.
The Palladinos' cars likely will be auctioned next month. Court documents in the U.S. Security and Exchange Commission case against Steven Palladino and Viking Financial list a 2012 Mercedes, 2011 BMW, 2013 Audi, 2012 Range Rover, 1992 Chevy Corvette and 2004 F350 truck.
The Palladinos own homes in Roslindale and West Roxbury and a vacant West Roxbury lot assessed at a combined $1.09 million, and two time shares valued at $25,000, according to court documents.
The U.S. Attorney's Office in April charged Steven Palladino with 25 counts of criminal contempt for allegedly flouting an asset freeze and other court orders. He is accused of "lavish spending" and incurring thousands of dollars in credit card charges.
The Palladinos owe tens of thousands of dollars in credit card debt in addition to $1,627 to Best Buy, $1,300 to Bloomingdales and $1,364 to Neiman Marcus, court documents state.
The couple claimed $70,000 in jewelry, and just $25 in cash and $150 in a checking account, but $613,379 has been held in a bank account with the Boston Police listed as trustee.
Palladino participated in the first meeting of his creditors by telephone from prison. "Some of the investors that were at the meeting had some questions," DeGiacomo said. "Not the 'why?' (or) 'how could you do this?' It was more ... just trying to figure out where the money went and where the assets are."
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