In one of the largest bankruptcies in Washington state history, Chapter 7 trustee James F. Rigby Jr. is searching for assets that belong to Michael R. Mastro’s bankruptcy estate. The bankruptcy estate assets could include everything from life insurance polices to expensive jewelry and other portable valuable commodities. During the March 24, 2010 deposition of Mr. Mastro’s wife Linda, trustee Rigby asserted that Mr. Masto concealed estate assets by utilizing bogus trusts and fraudulent transfers.
At a January 29, 2010 court proceeding, trustee Rigby had also proclaimed there were many “red flag transactions” in Mr. Mastro’s bankruptcy case. The Belizean “LCY Trust”, (with its Belizean “Compass Trust Corporation” trustee), was especially replete with red flags. Trustee Rigy alleged that via LCY Trust and its related companies, Mr. Mastro possessed a $400,000 dollar Rolls Royce, $2 million in jewelry and an $18 million dollar mansion. Mr. Mastro had established LCY Trust in 2008 with the help of the now inactive Seattle-based Vigal & Simon, Inc.
By way of Vigal & Simon, Inc., attorney Mary Simon seemed to supply asset protection services to Mr. Mastro. Furthermore, Ms. Simon might have provided legal advice about LCY Trust and / or Compass Trust Corporation even after three creditors forced Mr. Mastro into bankruptcy on July 10, 2009. A December 5, 2009 e- mail supposedly sent by Ms. Simon, states: “Compass Trust– could resign as trustee and another trust company could be named. That would throw a monkey wrench at them!”:
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Copyright 2011 Fred L. Abrams