Michael and Linda Mastro are out of jail and under house arrest in France, after a court decided that the health of the elderly couple had deteriorated after seven weeks in jail, according to reports in the Seattle Times and the Puget Sound Business Journal.
and are being accused by federal prosecutors of hiding millions of dollars in assets from creditors in an off-shore trust in Belize, and face a 43 count indictment.
Mastro had been a successful developer backed by numerous investors, before the real estate market crashed. But according to federal prosecutors, the Mastros hid assets from creditors and investors during a bankruptcy filing, including diamond rings, a Rolls Royce automobile and their $15 million Medina home.
However, according to the Puget Sound Business Journal, the United States has not yet begun the extradition process to bring the couple back to the U.S.
Their French attorney Thomas Terrier told the Puget Sound Business Journal that the couple returned to their apartment in Annecy, France, greeted by neighbors and their dogs. The couple will wear electronic monitoring devices and are restricted in their movements outside their home, Terrier told the PSBJ.
Federal prosecutors say the couple transfered money from their hidden bank accounts and paid for car loans for a 2006 Range Rover, a 2007 Bentley Continental, and a 2008 Rolls Royce Phantom Coupe; household expenses; legal expenses; department stores purchases; and a bulk gold coin purchase.
The indictment includes a variety of bankruptcy fraud crimes and multiple counts of money laundering, according to federal prosecutors.
After more than a year after missing a court deadline to turn over a pair of diamond earrings, the Mastros were found in France, where the couple said Michael Mastro was recuperating from a head injury and not fleeing authorities.
Fugitive Medina Resident Michael Mastro Captured in France
Michael and Linda Mastro Accused of Stashing Assets in Belize Off-Shore Trust
Michael and Linda Mastro Hope For Temporary Release by French Court
On the web
Puget Sound Business Journal: Mastros out of jail, now under house arrest in France
Seattle Times: Mastros freed from French jail