Michael Mastro facts for kids
Michael R. Mastro (born June 1, 1925) is an American real estate developer. He worked for 40 years building and managing apartments and offices in Seattle. In 2009, he declared bankruptcy, meaning he could not pay his debts.
In 2011, Michael Mastro and his wife, Linda, went to France. This happened after a judge ordered them to give two valuable diamond rings to people they owed money to. The rings were worth $1.4 million. They were arrested in 2012 in the French Alps. They faced hearings about being sent back to the United States. It was later revealed they were accused of hiding money during their bankruptcy. After their arrest, they were accused of many counts of not following bankruptcy rules and hiding money. After some time under house arrest, they were freed in June 2013. A French court decided not to send them back to the U.S. because of their age.
Michael Mastro's bankruptcy was the largest personal bankruptcy ever in the state of State of Washington. Before this, the Mastros moved many of their valuable things, including a $15 million home, into a special trust in Belize.
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About Michael Mastro's Life
Michael Mastro began his career in real estate in 1967. Over 40 years, he developed projects worth at least $2 billion. These included office buildings and homes. His company, Michael R. Mastro Properties, was well known in Seattle. Some of his projects included Town Plaza in Vancouver and Allison Park Apartments in Des Moines.
In 1974, Mastro met Linda Ann Gale (born 1949) at a bank where they both worked. They got married on June 3, 1989.
In 1989, Mastro sold some office buildings to Boeing for $211 million. In the early 2000s, he started buying land to build new homes.
What Happened with the Bankruptcy
Michael Mastro was forced into bankruptcy in July 2009. He officially filed for Chapter 7 bankruptcy. In September 2009, he reported that he had over $249 million in assets. However, he also had over $586 million in debts.
In May 2010, a judge ruled that two diamond rings, worth $1.4 million, belonged to Linda Mastro. This meant they could not be used to pay off debts.
In June 2011, a judge ordered Michael and Linda Mastro to hand over the two diamond rings.
In May 2013, it was reported that all the jewelry taken from the Mastros was worth $3 million.
Michael Mastro's bankruptcy is thought to be the biggest personal bankruptcy in Washington state's history.
Legal Issues and Accusations
The Mastros did not give the diamond rings to the court as ordered. They disappeared in June 2011. In August 2011, a complaint was filed against them. It accused them of hiding money during their bankruptcy. Warrants were issued for their arrest. They were found and taken into custody in France on October 24, 2012.
On October 25, 2012, the Mastros were accused of many counts of not following bankruptcy rules and hiding money. They were accused of hiding their valuable things from the people they owed money to. They stayed in custody in Chambéry, France. A panel of French judges did not let them go free. The judges felt the accusations were serious. The FBI and U.S. marshals had been looking for the Mastros for 16 months before their arrest.
On November 15, 2012, it was reported that the two diamond rings were with French authorities. The rings were in a safe deposit box in Annecy.
On December 12, 2012, Michael and Linda Mastro were released from jail. They had been held for seven weeks. A panel of judges decided their health was suffering. They had to wear electronic tracking devices. They were allowed to move around Annecy.
By December 12, 2012, the United States had not yet asked France to send the Mastros back.
Attempts to Send Them Back to the U.S.
On February 23, 2013, a French court ruled that the Mastros could not be sent back to the United States. This was unless U.S. authorities promised they would only face electronic tracking. The agreement between France and the United States allows France to refuse to send people back if they are very old or sick. The Mastros had been wearing tracking devices.
On June 5, 2013, the Court of Appeals in Chambéry denied the request to send Michael and Linda Mastro back to the United States. This decision was based on Michael Mastro's age (88) and poor health. He also depended on his wife daily. The U.S. Department of Justice had asked for them to be sent back. French prosecutors did not allow the U.S. to appeal this decision. As a result, the couple was no longer restricted from leaving their home in the evenings.
Where the Mastros Went
Before their bankruptcy, the Mastros lived in a large house in Medina. This city is near Seattle. They moved to California in 2010. In 2011, they started a journey. It began at Mr. Mastro's sister's house in Seattle. Then they went to Toronto, Canada. Finally, they ended up in a house in Veyrier-du-Lac, France, near Lake Annecy. They later moved to Saint-Marceau, France, where they were arrested in 2012.
Appeal About Assets
On September 9, 2014, a federal appeals court in San Francisco made a ruling. It said that Linda Mastro could appeal a previous court decision about her valuable things.
See also
- Ira Einhorn#Extradition
- List of United States extradition treaties
