Sierra
Madre
Thursday, January 29 - February 4, 2009 Volume 14, No. 5
WEEKLY
A Publication of Beacon Media, Inc: Arcadia Weekly, Monrovia Weekly, Pasadena Independent, & Sierra Madre Weekly
EXCLUSIVE:
Monrovia’s Own Madoff By Susan Motander
Mark Paul Colasuonno, the man who owned the old Tax Doctor shop in Monrovia, has been charged with grand theft by embezzlement. He has already been arraigned on the charge which includes the allegation that the theft was greater than $150,000. Following his arrest, Colasuonno was been released on his own recognizance. He is now awaiting trial on the charge and the enhancement which could lead to up to 5 years in prison. According to Monrovia Police Detective Richard Downey, this is likely only the first round of charges Colasuonno may be facing. “We have turned the investigation over the the District Attorney’s Major Frauds Unit,” said Downey in an interview. Lt. Raymundo Fraga of the District Attorney’s Investigative Unit said he could
not confirm or deny that an investigation was ongoing. “We cannot discuss which cases we are looking into. It is the policy of the department, he said. He explained that a case “may not meet the criteria” of what the D.A. will investigate. Downey said that the losses to those who invested with Colasuonno may amount to much as $8 million. One investor has already lost his home and three others are on the verge of losing their theirs as well. He also said that most of those who lost money were senior citizens. This story came about as the result of meeting the new Tax Doctor. We planned a nice fluff piece about tax preparation and the advantages of using a Certified Public Accountant rather that a tax preparation specialist. Colasuonno was only a Tax Doctor on 4
Charles Ponzi (March 3, 1882 – January 18, 1949) was one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term “Ponzi scheme” is a widely known description of any scam that pays early investors returns from the investments of later investors. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.
That's News-
Existing Home Sales Show Strong Gain In December Existing-home sales rose unexpectedly while inventory declined, led by a surge of sales in the West, according to the National Association of Realtors. Existing-home sales – including singlefamily, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate1 of 4.74 million units in December from
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STAIRWAY TO THE
HEAVENS
CaltechÊs New Cahill Center for Astronomy and Astrophysics Opens
Gaza onChameau 15 Cal Tech President Jean-Lou ascends the first floor stairway Monday By Terry during the opening ofMiller thePhotos building where the students and professors will soon climb by Terry by Terry to the outerPhotos reaches in theMiller new Cahill Center for Astronomy and Astrophysics. Caltech on 12
Photos By Terry Miller
Gov. Schwarzenegger Appoints Seven to Los Angeles County Superior Court Governor Arnold Schwarzenegger today announced the appointments of Huey P. Cotton, David S. Cunningham III, Victor H. Greenberg, Howard L. Halm, Maren E. Nelson, Michael Terrell and Geanene Yriarte to judgeships in the Los Angeles County Superior Court.
LA Works Receives Funding To Serve Recently Released Veterans Irwindale ‘s LA Works, a WorkSource Center providing assistance to businesses and job seekers throughout the northeastern San Gabriel Valley, has just been awarded $499,600 through the Governor’s Workforce Investment Act Veterans’ Employment-Related Assistance Program (VEAP). Ac-
The Home Depot EXPO Becomes Latest Victim in Housing Slump The Home Depot, the world's largest home improvement retailer, today announced it will exit its EXPO business. The Company is also taking steps to streamline its support functions. These decisions will impact 7,000 associates, or approximately two percent of the Company's total workforce. Finally, the
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