Mattabassett
District Eliminates Jerry Amodio from its Board of directors the only
Republican that served on the board from New Britain. Mr. Amodio was very upset to not receiving a
call from any of the Common Council members to alert him of his removal but
instead he received a call from a Herald reporter that informed him of his
being omitted from the Board.
Mr. Amodio voice
his displeasure to the council members during its public participation portion of
the meeting.
fs
Just one more businessman screwed over by the O'Brien administration!
ReplyDeleteThe Common council after hearing Mr. Amodio's comment that he was the only Republican serving the Mattabassett District from New Britain Tabled the appointments to the district.
ReplyDeleteEx-colonial Executive Guilty Of Tax Evasion
ReplyDeleteColonial Figure Pleads Guilty To Tax Evasion
December 09, 1992|By GEORGE GOMBOSSY; Courant Staff Writer
William P. Candelori, a former executive with the bankrupt Colonial Realty Co., pleaded guilty Tuesday to tax evasion, becoming the highest-ranking official of the now-defunct firm to plead guilty to criminal charges.
Candelori was fourth in command at Colonial, based in West Hartford and once the state's largest real estate company, and was a general partner in some of its biggest ventures. These included purchase of Constitution Plaza in Hartford and a large stake of the Hartford Whalers hockey team.
He entered his plea as part of an agreement with prosecutors to cooperate in the extensive federal investigation into Colonial and the most massive fraud ever committed in the state.
Candelori, 48, was a state representative from New Britain from 1979 to 1985, serving during the past four years as an assistant majority leader. He also worked for 10 years as a psychologist for New Britain public schools.
Candelori was released on $25,000 bond and is tentatively scheduled to be sentenced Feb. 9. He faces a maximum of five years in prison.
Three other employees previously had pleaded guilty and agreed to cooperate in the government's investigation.
A fourth employee, Frank M. Shuch, had been indicted on 39 counts of fraud, but committed suicide in February before his trial could start. Shuch had been the firm's chief financial officer. He was accused of stealing more than $6 million from investors, giving banks phony financial information and getting bank loans by using fictitious investors.
The court-appointed trustee now running Colonial claims the firm's founders siphoned tens of millions of dollars from the company and estimates Colonial had been insolvent since 1983.
More than 4,000 investors are suing Colonial and the professionals it hired, claiming they were defrauded out of $350 million they invested in the company's projects.
Candelori, who was Colonial's personnel director, admitted
Tuesday morning to U.S. District Chief Judge Jose A. Cabranes that he failed to pay taxes on his income in 1987, 1988 and 1989.
As part of the lengthy plea agreement, however, Candelori only had to plead guilty to failing to pay his full taxes in one of those years. That year, 1988, was the one in which he had the most income -- $451,769. Candelori only reported income of $130,604, though, and paid a tax bill of $15,929. Federal authorities said he should have paid $86,723.
Candelori still will owe the federal government $126,534 for taxes he did not pay during all three years. The government says Candelori should have paid taxes of $13,592 on an income of $173,764 in 1987, and taxes of $43,346 on an income of $410,912 in 1989. In 1987, he reported an income of $120,919 and paid $1,198. In 1989, he declared $168,704 and paid no taxes.
Candelori, of New Britain, also faces a fine of up to $250,000.
Candelori is bankrupt, however, and is unemployed. He owes more than $15 million to banks and other creditors. A legal source said it is doubtful he will be required to pay all his back taxes or a large fine.
WILLIAM CANDELORI BARRED
ReplyDeleteThe Commission announced the entry of an order instituting administrative proceedings against William P. Candelori (Candelori)
and the simultaneous acceptance of
his offer of settlement.
Candelori is a former associated
person of Colonial Equities Corp.,
a broker-dealer previously
registered with the Commission.
The Order bars Candelori from
association with any broker,
dealer, municipal securities dealer, investment adviser or
investment company.
The Commission found that on August
22 the Honorable T.F. Gilroy Daly
of the U.S. District Court for
the District of Connecticut enjoined Candelori from further violations of certain registration
and antifraud provisions of the
securities laws.
The complaint, filed on March 9
against Candelori and six others,
alleges violations of several antifraud and securities registration provisions of the
federal securities laws in connection with a fraudulent
unregistered public offering
by Colonial Realty Company of
1200 limited partnership units
in the Colonial Constitution Limited Partnership during 1989
and 1990.
Candelori consented to the
injunctive order without admitting
or denying the complaint's
allegations. The administrative
order against Candelori was also
based on his prior criminal
conviction.(ReI.34-36170)
Mr. Amodio had it coming.
ReplyDeleteJerry hoping you get back on the Mattabassett board. It should happen with your being the only republican from New Britain representing the City.
ReplyDeleteIf they had even half a brain, they would not only put Jerry back on, but they would make him chairman.
ReplyDeleteLet's be honest. The only real complaint is Gerry is a Republican. His hours are not 9-5. He works weekends and nights when needed. The downtown district hired him and has no complaints. It is not a City job.
ReplyDeleteHe does more for the City then 99.9 percent of residents and is as pleasant a man as you can meet to everyone.
He did tell officials he was interested in being considered for renewal. They chose to ignore it.
This is just BS from the Democrats who hate to see a smart man succeed if he is a Republican.
If he was a Democrat he would be considered a God!
...and a convicted felon shall lead them.
ReplyDeleteUnfortunately for Mr. Amodio, he was never convicted of a Felony nor did he ever kill anyone with his car, and he probably pays his taxes on time, and therefore lacks any of the essential credentials necessary for the Liberal Democrats to respect him.
ReplyDelete...or maybe Sherwood just wanted him gone.
Sherwood orchestrated this months ago.
ReplyDeleteWasn't Sherwood the big defender of reappointing the convicted felon?
ReplyDeleteIf you believe Phil Sherwood's rhetoric, Candelori simply made a mistake 20 years ago and should be forgiven, but the story goes much deeper than that.
Without getting into who did what in the organization, Candelori was a player in the infamous Colonial Realty scam, a scam that cost thousands an estimated $350 million in investments, and cost many their life savings, and even forced many into bankrupcy.
Many of the prinicples of Colonial Realty were convicted in federal court of various charges. Dr. Candelori himself pled guilty in federal court to income tax evasion, for what the New York Times reported as his failure to report hundreds of thousands of dollars in personal income. Does this sound to you like someone who simply made a mistake?
The Securities and Exchange Commission didn't think so when they permanently barred Dr. Candelori from associating with virtually anyone involved in the investment field and bonding industry. Now we are told that his past should be forgiven because he has turned his life around, but as the editor points out today in The Herald, Dr. Candelori is currently a defendent in a civil case that The Day of New London reported involves another real estate investment scheme--this time the propoerty allegedly was used to secure a loan that the former Chairman of the Mashantucket Tribal Nation told the Court was used to bribe him. Of important note is that some of his co-defendants in this same case are the same cohorts Candelori was associated with in Colonial Realty.
And now Phil Sherwood, the self proclaimed Czar of Ethics, would have you believe that this leopard has changed his spots, but has he--especially if he is currently involved in a civil case that involves other former players of the Colonial Realty scheme?
This appointment involves a man who, as Chairman of the Mattabassett District will have contol of more than $100 million of taxpayer dollars.
Has this man earned your trust, to be trusted with such a large sum of your money?
The record would suggest not.
(Dec. 9, 2009, FrankSmithSaysNB)
I remember that! And that Sherwood reappointed Candlori, Stewart vetoed it and Sherwood had the council override his veto!
ReplyDeleteIs Sherwood still running things by remote control? Would that suggest possible involvement in this debacle too?
ReplyDeleteOnly fools and Lib Dems truly believe that Frank Susch , the squealing partner in the Colonial Criminal Enterprise, put a plastic bag around his own head and held it there until he stopped breathing.
ReplyDeleteI have had an experienced Medical Examiner tell me that it is not even possible to commit suicide by holding a plastic bag over your own head, so you decide!
ReplyDeleteMaybe the council feels a convicted felon is a better candidate simply because he is a Democrat?
ReplyDelete