87-year-old Seattle developer, wife indicted

October 26, 2012 • Business

In this Sept. 16, 2009 photo, Real-estate developer Michael R. Mastro leaves the federal courthouse in Seattle after testifying in bankruptcy court. (AP Photo/The Seattle Times, Greg Gilbert) MAGS OUT; NO SALES; SEATTLEPI.COM OUT; MANDATORY CREDIT

SEATTLE (AP) — An 87-year-old Seattle real-estate developer and his wife, arrested in France after 16 months on the lam, were indicted Thursday on dozens of charges of bankruptcy fraud and money laundering.

The 43-count grand jury indictment accuses Michael Mastro and his wife, Linda, of fraudulently transferring interest in their $15 million home in the tony Seattle suburb of Medina; failing to disclose a bank account that contained hundreds of thousands of dollars; and lying about the whereabouts of two huge diamonds valued at $1.4 million, all to conceal those assets from creditors in a bankruptcy proceeding.

It also alleges the Login to read more

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