Former Newark official agrees to $2 million bankruptcy settlement

Former Newark official agrees to $2 million bankruptcy settlement

“By the end of the third day of the first four days of trial, the outcome was clear: Evidence showed that Mr. Faiella had been depositing his checks into accounts of his ex-wife’s businesses to keep his moneys out of the reach of his creditors, and also writing checks in her name on the same accounts,” DeLonge said yesterday. “His schedules and statements on file with the Bankruptcy Court had numerous omissions and false statements.”

For 25 years, Alfred Faiella oversaw all significant real estate deals as Newark’s deputy mayor, director of housing and economic development, as well as executive director of Newark’s Economic Development Corp. Nearly all of Faiella’s debts and judgments are the result of private real estate deals that soured, dating back two decades and beyond. Since leaving the public sector, Faiella has run a real estate law practice based in Newark.

Author: Ken Walker

Husband, Father, Newarker, PCA Elder, Business Analyst. In a glass case of emotion since 1978.

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