In an unusual bankruptcy case in which the debtor is an elderly businessman with the challenge to his Chapter 13 petition coming from a son accusing him of forgery and fraud, a Western District judge has ordered the father to return $362,760 to the family business.
Bankruptcy Judge Michael Kaplan in Buffalo found after trial that the debtor, John Russo, 76, “culpably absconded” with the funds of a business he set up to provide a livelihood for his sons, and that the debt he owes to the family company is not dischargeable. The judge also bemoaned the lack of authority in New York law to help him figure out who owns what.
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