Michael Dippolito's Finances Explained -- Sort Of

mike dippolito.jpg
Mike Dippolito bought a Porsche instead of paying his victims.
While his wife, Dalia, was on trial for plotting to have him killed, Michael Dippolito was also in the hot seat. Dalia's defense attorney grilled him for hours on the witness stand, questioning why Michael borrowed money from Dalia to pay off the $191,000 in restitution he owed to victims of a foreign currency investment scam he ran a decade ago.

Before attempting to pay the restitution, Michael bought a $225,000 townhouse in Boynton Beach -- paid for with cash, no mortgage -- and a $48,000 Porsche, according to a financial affidavit he filed. He also admitted in court that he kept $160,000 squirreled away in a safe deposit box. So why did he write checks totaling $100,000 to his wife, then borrow $91,000 from her to pay his restitution? Why didn't he just pay what he owed?

In court, defense attorney Michael Salnick suggested that Michael Dippolito was laundering money. But Assistant State Attorney Elizabeth Parker, the prosecutor in the case, says the explanation was simpler than that. Dippolito was advised that his restitution money needed to come from a "clean" source. Since he had been convicted of fraud, any money he offered to the court might be considered dirty. The judge or prosecutor might wonder if the stack of cash came from legitimate sources (and who could have blamed them?).

So Dalia offered to be the clean source, Parker says. That's why Michael transferred money to her.

Dalia, of course, promptly spent the money, so Michael lost his restitution funds. And since she was arrested in 2009 for plotting to have Michael killed, he says he's fallen into financial ruin.

His online marketing business has dried up, he testified. In a financial affidavit he filled out last October, he said he was earning $500 a week working at Rocky's Pizza in Sunrise. Meanwhile, he said he owes $400,000 to the U.S. Commodity Futures Trading Commission, $191,000 in restitution, and $342,000 in unpaid taxes. He remains on probation for organized fraud until 2032.

In December 2009, Broward Assistant State Attorney Kathy Heaven wrote a letter to Michael Dippolito's probation officer, saying Dippolito was "delinquent" in his restitution payments.

Since he has now admitted, in court, that he spent his money on a house and a Porsche instead of paying his victims, can he be punished for burning through that cash?

"I did put him in a very difficult position," concedes Parker, the Palm Beach prosecutor. "He was completely honest."

Parker said she didn't know what the Broward state attorney might decide to do, but because Dippolito was compelled to testify under subpoena, she says state law prohibits her from using his testimony to punish him. "Nothing the person says in court can be used against him," she says.

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Lilly
Lilly

What he did in the past, I have no clue, I wasn't there. I'm more concern about getting rob by politician + nobody seem to care about. All I see is that he provided his wife a good life thinking that she love him the same. Only to experience the worse nightmare that can ever happen in anyone's life. If he did any wrong in the past, that's the worse Karma that could ever happen. I hope that time can heal his wound, + find someone that will appreciate him.

Sanofark609
Sanofark609

that woman Dalia is  a real fool she is not pretty enough to have a good looking husband as Mike .I think twenty years is not enough.i agree with that judge shes a very evil BITCH I pray for Mike she has really screwed him up best wishes to him.

jackwidow
jackwidow

Michael Dippolito got con by a prettier and smarter con then him more power to her

Fred
Fred

Yeah, but not too smart to get twenty years for it...It doesn't take a rocket scientist to know Mike was laundering money. I mean $1,000,000.00 in sales and cost of goods being $900,000.00 for one of his years. I mean come on... Was Mad Media do you know that would have that situation. It took him no time at all to be handling this kind of money. I wish I could make money like that. I mean, I program computers and have had a computer consulting company and haven't been able to do it...I'd say if people wouldn't get greedy, they'd shore have a good life style.Fred

Ivanthebootlegger
Ivanthebootlegger

Last I hear she got 20 years that true but I all so hear she not in jail or prison. And from I can see of Mike he is mean to her. What did he do to piss her off? You don't go that off to wanting to kill some one with out some reason. She want money that is clear killing some one that a lot more so he did some thing the question I ask is what did he do to her. Did Mike ever pay any of that money he was court order to do. NO then he got a kick in his @zz that I sure some one out there wanted to do to him any how that is other then her.  

D.j. Johnson
D.j. Johnson

Unless you hire a copy editor you might want to avoid calling people idiots, Wayne.

Waynetr1268
Waynetr1268

are you a fucking idiot , do you reall know whats going on?  She was sucking mohamads two weeks after she got married,even bought him a 50K SUV. she is the dumbest,uguly, two bit whore there is. Thought thyose big lip service would get her out of anything. Girl,they are going to love her tight little ass in the can.

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