Judge Cuts Woman Out of Trust Fund

In addition to cutting her from her family’s fortune, Hillsborough County Probate Court Judge Gary Cassavecchia accuses Elizabeth Tamposi of several transgressions, including making false statements about her income and debts.

Cassavecchia’s 54-page order cuts Betty Tamposi out of the trust fund founded by her father, the late developer Sam Tamposi of Nashua, and also orders her to pay back any money she received over the past two years.

The judge’s order also suggests that Tamposi made misrepresentations on a mortgage loan application, a relatively common offense for which relatively few people are ever prosecuted.

Describing the former U.S. State Department official’s conduct regarding two loan applications on pages 23 and 24 of the order, Cassavecchia wrote that Tamposi applied for a loan from Sovereign Bank in 2007 to finance renovations to her home on Governor’s Island in Gilford.

In the application, he wrote, “Betty falsely reported that she had been self-employed at Citrus Hills Construction for 21 years and had a monthly income from employment of $98,876.66.”

In fact, Cassavecchia wrote elsewhere in his order, Betty Tamposi had “no employment income” at the time.

Betty Tamposi also failed to note in the application that she had just co-signed a loan for her daughter’s college tuition just a few weeks earlier, and claimed that she was not involved in any pending litigation, Cassavecchia wrote. She also misstated the value and her ownership of a property in Nashua, he wrote.

Tamposi offered an explanation, but the judge didn’t buy it, he wrote.

“Betty’s effort to attribute these falsehoods and the omission to the assistance rendered by others is not found credible, especially given her level of education, experience with legal matters, and general level of sophistication,” Cassavecchia wrote.

Knowing and willful false statements about employment, income, assets and debt... on a mortgage application would likely constitute a crime under federal law,” [Assistant US Attorney William]Morse said.

Just because someone gives false information doesn’t mean that they’ve done so knowingly and willingly, however, he noted. Also, the misinformation must be “material” in order for it to be criminal; it must be information that affects the decision to grant or deny the loan.

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Judge Writes of Falsehoods By Betty Tamposi