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Bankruptcy judge freezes exec's assets
Rules fund benefits Antonio Giordano, not his kids
Updated: Saturday, 11 Feb 2012, 4:51 PM EST
Published : Saturday, 11 Feb 2012, 4:51 PM EST
PROVIDENCE, R.I. (AP) - A federal bankruptcy judge has temporarily frozen the assets of a trust benefiting the children of a former Rhode Island nursing home executive jailed for conspiracy and embezzlement.
The order came after the trustee overseeing bankruptcy proceedings argued that Antonio Giordano was the beneficial owner of the assets of the Potter Road Trust at the time he filed for Chapter 7 bankruptcy protection.
Bankruptcy trustee Charles Pisaturo Jr. argued in court that he is likely to suffer irreparable harm if the assets are used in any way. The judge temporarily froze the assets on Friday.
Giordano filed for bankruptcy on Oct. 13, claiming he cannot pay nearly $800,000 he owes to the Internal Revenue Service.
He admitted in 2006 to taking money from three nursing homes as they defaulted on federally backed mortgages or operated in the red.
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