Monday, June 19, 2017

NECC Defendants Retain Vast Real Estate

By Walter F. Roche Jr.

In early April of this year one of the defendants in the criminal case stemming from a deadly fungal meningitis outbreak and his wife sold an interest in a Cape Cod property for $791,250. It did not leave them homeless.
The home at 65 Bone Hill Road in Barnstable, Mass. was just one of three properties owned by Gregory Conigliaro, part owner of the now defunct New England Compounding Center. Cynthia  Conigliaro, Gregory's spouse, still owns another Cape Cod property assessed at just shy of $2 million.
The couple also own a home in Southboro Mass. assessed at nearly $4 million.
The Conigliaros and other NECC owners, records show, have been able to retain millions of dollars worth of real estate even after agreeing to provide some $47 million to settle the NECC bankruptcy case. Though liens had been recorded against many of the properties, they were later lifted following the bankruptcy settlement.
In addition to the $47 million NECC's former owners have agreed to provide victims with a portion of any tax refunds they receive. An exact amount has not yet been determined.
The criminal cases against NECC's former owners stem from the federal probe of the 2012 fungal meningitis outbreak which sickened some 778 patients across the country. Seventy seven of them died.
Gregory Conigliaro is scheduled to go on trial later this year on a charge of conspiracy to defraud the federal government.
His brother, Douglas Conigliaro,  who has already entered a guilty plea to vastly reduced charges, has retained his properties in Boston and Dedham, Mass. and Florida.
A condo at 128 Beacon St. in Boston is assessed at just under $5.8 million. A home in suburban Dedham is assessed for $1.8 million. They also own a lakefront property in Winter Park, Fla. assessed at $1 million.
Douglas Conigliaro was given two years probation and fined $55,000 while his wife Carla was fined $4,500 and given one year probation. Carla, NECC's majority owner, and Douglas pleaded guilty to making multiple withdrawals from back accounts under $10,000 to avoid reporting requirements set by federal law.
Barry J. Cadden, NECC's president and one time part owner, is the owner of properties on Manchester Drive in Wrentham, Mass, assessed at nearly $1.8 million.
Cadden was convicted in March on 57 counts with charges including racketeering, conspiracy and mail fraud. He was acquitted on 25 counts of second degree murder. Cadden is scheduled for sentencing on Monday.

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