The Rizzolos may be stalling - waiting for Kirk Henry to die so they can settle at ten cents on the dollar. Meanwhile, new hidden assets are discovered

Did the taxpayers bail out Rick and Lisa Rizzolo?

By Steve Miller
Monday, August 17, 2009

LAS VEGAS - New information has surfaced regarding additional money allegedly being hid by the wife of convicted racketeer Rick Rizzolo.

Local mortgage brokers report that Lisa Rizzolo mortgaged the couple’s million dollar Canyon Gate estate in October 2006, took a cash back for around $950,000, then put the money in off shore accounts so it cannot be accessed by creditors.

According to the couple’s very questionable 2005 divorce, Lisa was given three houses; one in Las Vegas; another in Newport Beach; and the third in Chicago. All three were owned free and clear. Now, information has surfaced indicating Lisa placed a first mortgage on at least one of the properties, and the proceeds she received are not being reported.

According to the Clark County Recorder, Lisa filed the following document on October 4, 2006:
Record Date : 10/4/2006 4:34:00 PM
# of Pages: 1
Book Type: OR
Book / Page: 0 / 0
Document Type: (SUBREC) SUBSTITUTION/RECONVEYANCE
1st Party: INDYMAC BANK FSB
2nd Party: RIZZOLO, LISA
Parcel # 163-05-711-072

Real estate records indicate the INDYMAC first mortgage was arranged by asset protection lawyer John Dawson.

The mortgage was granted months before the Las Vegas residential real estate market began its free fall. The federal government seized INDYMAC in July 2008, twenty one months after the Rizzolos mortgaged their house. INDYMAC had the habit of making bogus loans.

In HENRY v. RIZZOLO Interrogatory No. 19, Page 11, an attorney for unpaid beating victim Kirk Henry asked Lisa to reveal: “...any creditors you have at the present time and the amount and terms of the debt along with any property which you claim is exempt from collection by Plaintiff or any other creditors.â€