FORT COLLINS — A minority owner of a Fort Collins-based real estate investment company has filed suit against the majority owner, his father, who the son claims has defrauded him and misused the company to enrich himself.
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Steven Troy Calabrese and Orlando M. Calabrese Jr. formed Calabrese Investments LLC in 1997. Orlando Calabrese is the registered agent and 51% owner. Steven Calabrese owns 49%.
In an attempt to restructure and buy out the company, Steven Calabrese hired an auditor, who discovered that Orlando Calabrese allegedly had created fictitious loans and accounts that defrauded his partner, according to claims in the lawsuit, which was filed Friday in Larimer County District Court. The amounts as outlined in the filing total hundreds of thousands of dollars.
The lawsuit alleges breach of fiduciary duty, civil theft and fraud. It seeks a full accounting of the company’s books, damages including treble damages on the fraud allegations, and a preliminary injunction to appoint a new managing member of the company.
The phone number for Calabrese Investments was not answered. Numbers for Orlando Calabrese were inactive. The attorney for Steven Calabrese did not respond to a telephone inquiry, but his office confirmed the relationship between the parties.
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