NEW: Court Rules Against Loffredo on 9 Motions Relating to Receivership of More Than a Dozen Businesses
Josh Fenton, CEO & co-founder
NEW: Court Rules Against Loffredo on 9 Motions Relating to Receivership of More Than a Dozen Businesses
Superior Court Judge Brian Stern on Tuesday issued a decision rejecting nine separate motions filed by accused fraudster Andrew Loffredo relating to the transfer of more than a dozen business entities to the control of a state-appointed receiver.
Over the past few weeks, Loffredo had attempted to carve back control of some of his business interests, including a bakery in Cumberland and a diner in Burrillville.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
A number of his businesses have closed, including Campanella’s and Caffe Itri in Cranston, leaving workers out of work. About 50 employees lost their jobs with the closures of the two restaurants. But that is just the beginning of the story.
He is accused of fraud. In a separate accusation of allegedly "borrowing" $475,000 — the life savings of one of his employees — he has not repaid the man.
And yet, in another incident, he transferred his parents' home to one of his companies, which is now in receivership.
And, one of his investors — Stephen Soscia — has told the court he is out approximately $30 million. Loffredo has previously told GoLocal he owes Soscia more like $15 million.
In the motions, Loffredo filed approximately 600 pages, including hundreds of text messages between himself and Jill Pictavage, the mother of his two small children. For about two years, Loffredo and Pictavage lived together in an East Greenwich mansion.
When reached for comment, Loffredo said in response to Stern’s rulings, “The Court denied the relief requested in my motions, which was expected given that the companies are now in permanent receivership. Importantly, however, the Court did not strike my filings as the Plaintiff had requested. Those filings remain part of the record, and I will continue to protect my claims through the receivership process and continue to produce evidence of Jill’s true involvement.”
This story continues to develop…