Receiver Selling Caffe Itri and Campanella’s After Taking Over for Accused Fraudster Loffredo

Receiver Selling Caffe Itri and Campanella’s After Taking Over for Accused Fraudster Loffredo

 

Court-appointed receiver Richard Land is in the final stages of selling both Caffe Itri and Campanella’s restaurants after the two Cranston favorites closed and crashed into receivership in April under the management of Andrew Loffredo.

 

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The two restaurant closures ended three decades of operation and cost approximately 50 people their jobs.

 

In May, Superior Court Judge Brian Stern placed more than a dozen of Loffredo's business entities under the control of receiver Richard Land.

 

 

Campanella’s

Now, the court has approved the sale of Campanella’s back to the family who were the longstanding owners. The Campanella family never sold the building to Loffredo, and they are functionally buying the brand name, the remaining “goodwill,” and a limited amount of equipment.

 

“The Court approved the sale of Campanella’s assets for $20,000,” said Land in an email to GoLocal.

 

Caffe Itri

Caffe Itri is also in the process of being sold. That business did include the building located at 1686 Cranston Street.

 

“I filed the attached Petition to Sell Caffé Itri assets, [both] real estate and personal property.  The offer is for $1,650,000, subject to higher and better offers.  I will be using this offer as a ‘stalking horse,’” said Land.

 

This Was Not Loffredo’s Only Court Action This Week

On Monday, accused fraudster Andrew Loffredo appeared before the 3rd Division District Court. 

Loffredo is facing a number of legal issues in various Rhode Island courts. More than a dozen of his business entities have been placed into receivership by Superior Court Judge Brian Stern. 

In those court proceedings, he faces accusations of fraud and other claims. READ MORE HERE

 

Monday’s Hearing

In the 3rd District Court, Loffredo was facing two domestic violence matters and one charge of filing a false report.

In exchange for a plea on one of the domestic violence charges, the other two charges were dropped.

Specifically, Loffredo pleaded nolo contendere.

 

Other Legal Issues

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.