High-tech entrepreneur and Miami Beach businessman, Claudio Osorio filed for Chapter 11 bankruptcy this past Friday. Sources have also told a New York Criminal Lawyer that his wife also filed with the embattled Osorio. As part of this filing, the couple has listed assets of $35 million and debts of $13.5 million. There have been some reports; however, that the listing of assets may be questionable, as his former company, InnoVida, which he lost over allegations of misappropriating investor funds last year, is reported to be currently unable to pay debts totaling $2 million. It is alleged that Osorio transferred much of the company’s cash to offshore accounts before giving up control of the company.
Simply filing for protection from creditors in Chapter 11 bankruptcy will not necessarily absolve the Osorio’s from any allegations of possible wrongdoing, however. According to the sources who spoke with a insiders, the Osorio’s are facing numerous legal challenges from a growing list of neighbors, contractors, businesses, and banks, who are seeking to recover as much of their losses as possible. Judgments were already obtained in at least two lawsuits and are listed as debts in the Chapter 11 filing. One lawsuit was from a former neighbor from the exclusive subdivision the Osorio’s had lived. That judgment was for an undisclosed amount as it is still being contested. The monetary amount of the second judgment is listed in the bankruptcy filing. Judgment was awarded to a former contractor that had done work for the Osorio’s. The dollar amount listed in this suit is for $4 million. The Osorio’s bank accounts were garnished because of this verdict.
The NY Criminal Lawyer also learned that their credit card debt is listed at $250,000, which would indicate that the couple was living a lavish lifestyle based on falsehoods, as some of the creditors have commented.
Although many of the accusations against the entrepreneur are civil, there are ongoing criminal investigations into his business dealings as well. This could be a case of fraud. Many of the allegations surrounding his transfer of assets from his former company are included in a criminal investigation. There is also a criminal investigation into his business dealings in Switzerland, where he is reported to have a condominium, and it is believed that he may have transferred some of his assets into an account there. That investigation is being conducted by Swiss authorities as it would be in Manhattan and Queens.
Your search for a reliable and proficient New York Criminal Attorney stops here. New York Criminal Attorney has the knowledge of criminal law and the experience as a criminal attorney to help you in all matters of criminal defense and representation. The Office of Stephen Bilkis and Associates can offer you support and guidance as well as a free consultation when you contact us at 1-800-NY-NY-LAW. We have offices in New York City, including Brooklyn, Queens, Manhattan, Staten Island and The Bronx and in Nassau County, Suffolk County and Westchester County.