Jacqueline Laurita financial problems? Lawsuits and bankruptcy for husband Chris Laurita’s company Signature Apparel
          

We all know all about Teresa and Joe Giudice’s financial issues, and Joe and Melissa Gorga’s recent situation with their mortgage, but Jacqueline and Chris Laurita have also spent some time dealing with dicey financial issues.

Chris and brother Joseph Laurita were named in two multi-million dollar lawsuits. It’s kind of complicated, but here’s the breakdown:

Jay-Z founded a clothing line 12 years ago called Rocawear, which he no longer owns. A company called Iconix Brand Group licenses the brand name out to different companies to make the different lines, and Chris and Joseph Laurita’s now-bankrupt company Signature Apparel once made Rocawear’s junior line. Over two years ago, however, Signature Apparel liquidated and declared bankruptcy. During that time Chris, Jospeh, and their wives were named in a $7.8 million dollar lawsuit, the two families are accused of draining the company “of all its funds and assets in order to support their families’ increasingly opulent lifestyle of private jets, limousines, extravagant parties, premium automobiles, designer clothing, shopping sprees, ostentatious home furnishings and lavish vacations.”

According to documents published at Radar Online, the company was very successful, and pulled in $250 million between 2005 and 2009. However, the lawsuit accuses the Lauritas of using the money on themselves instead of responsibly reinvesting in the business.

Chris denied all 155 of the allegations against him, and Jacqueline denied knowing anything about it. They tried to get the lawsuit thrown out, but a judge has allowed all parties to prepare for a trial.

When the news broke of this lawsuit, Jacqueline Laurita took to Twitter to note the difference between a business bankruptcy and a personal one: “sorry2disappoint some of u but Business is not the same as personal &accusations don’t make it truth.We r doing good.You’ll see..” Even so, this doesn’t sound like a cakewalk.

A second lawsuit in November 2011 was filed by a Signature Apparel trustee who accused Chris and Joseph of Joseph of conspiring with “[Rocawear licensee] ROC Fashions and its principals to transfer the Rocawear license and other valuable assets to the latter from the former while Signature faced bankruptcy. In return, the suit alleges, ROC Fashions paid $2.8 million that the Lauritas allegedly kept for themselves rather than deposit in Signature Apparel’s coffers (where it could have been used to pay creditors).”

On What What Happens Live tonight Jacqueline Laurita was asked a viewer question: “What would you think of Teresa questioning you on camera about your families’ finances and lawsuits?”

Jacqueline answered “I didn’t bring anything out about Teresa. Teresa brought it out about Teresa. If you watch the other episodes, Teresa’s the one who talked about her bankruptcy on camera. She filmed with the attorneys. She’s the one who put the magazines out there. She’s the one who filmed adding onto her house, walking around with her expensive bags and shoes. It was her chance to explain tot he viewers to make sense of it all. If she was innocent of all this, that was her chance to set the story straight.”

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    • polk8dot

      While I agree with Jax that Teresa put all her business and private life out there for the entertainment of the masses, via the show, the cookbooks, the tabloids, she yet completely skirted the real issue in her reply.
      Business is different that personal bankruptcy, no doubt, but one fact remains the same – there are people and companies on the other side of your NSFs/returned checks, who also have families and lives, and plans, and obligations. The moment you do not meet yours, you force them to reneg on theirs, and not of their own volition, but by your actions or inactions. Some businesses go belly up, also true. And people are forced to deal with being on the receiving end of someone else’s bankruptcy all the time. That’s just the cost and the risk of doing business.
      But all this has ZERO relevance if YOU ARE HIDING ASSETS, commiting fraud, wilfully mismanaging the finances, and lying to the business partners i.e. everyone you do business with.
      I really like Jax, I think she is a really good, sweet, though naive person, and I believe that she believes in her heart in what she said. Does not change the fact that if the allegations in these lawsuits are true, the Laurita bros’ are looking at some serious trouble, as they should be.

      • teresa

        polk8dot, thank you so much for trying to point out the differences between Tre’s bankruptcy and Jac’s HUSBANDs BUSINESS bankruptcy, while I feel as though Tre will not understand the differences,hopefully most of the viewers understand the differences, who am I kidding, from past experiences dealing with Tre fans they’ll likely not understand the differences either. I’m not trying to put Tre or her fans down in anyway, I am just saying that I have seen how fans of rhonj are treated if you are not a Tre fan, I’ve honestly never seen anything like it and I’m sure to catch hell now, it wont be the first time!

        • Dexter

          Here is the difference. The Lauritas commited fraud.
          The Giudices should have incorporated, but did not. Joe personally guaranteed business loans. When the real estate market went belly up, Joe and Teresa became personally liable for the loans. AND the Giudices have withdrawn their bankruptcies, and are repaying their creditors. The Lauritas used company money that was not their personal money to fund their personal lifestyle insteasd of paying company deabts. What the Giudices did was dumb. What the Lauritas are doing is fraud and deceiptful

        • Sue Marvin

          Chris and Jac took 8 million or more from their Signature Apparel and spent it on themselves instead of paying people it was owed to. The entire account of how they spent it is online. Airplane rides and fancy car rentals and 2 million on credit cards. Jac stinks as a person.

      • Sue Marvin

        Didn’t you read how Jac made up lies that Dina stole money from the Ladybug cancer charity? Jac is insane.

    • Babyvamp

      Jacqueline is insane. Who gets mad over a friend not sharing their personal business…especially financial information. Or over one tweet to a mutual enemy? That whole Laurita/Manzo family is so overdramatic.

      • Sue Marvin

        Now Jac is making up Tweets from non existent people. What a nut case.

    • mzm

      seriously, my italian family on cape cod is way more entertaining than this family. the huge difference is that in my family we dont air our financial or personal problems for the world. we keep it in the family and support and love each other. what is entertaining about us is how loud and outspoken we all are. doesnt mean we should be on tv.

    • Kaylie

      The only RHONJ that isn’t diagnosably insane is Kathy. She tries to stay out of all the drama and just play the middle man. She’s the only likable character. Melissa is too sketchy and acts too innocent, Teresa is just Teresa, Jaqueline is so sensitive and dramatic (and again, acts WAY too innocent), and Caroline I could just punch in the head. She’s my least favorite because she acts so “godfather” like in that she thinks she knows and should be able to comment on anything without apology.

      Every other city is so much better than NJ now. OC, Beverly Hills, and Atlanta are the best. They have the best mix of likable characters and villains.

      • Sue Marvin

        Kathy called her aunt, Teresa’s mother, filthy names and she stirs the pot regularly. Look up Richie and his Exxon vs Wakile. Not only does he owe hundreds of thousands but he ripped the sinks and toilets off the wall of the gas station he had. They are dead broke now.

    • helloisitme

      I hate to break it to you Jac but you also put your business out there by doing the show. She’s insane. Obviously all of these women have serious skeletons in their closets. Stable, busy people wouldn’t be so obsessed with tearing apart Teresa.

    • GOP2012

      I dont care if your bankruptcy is personal or business. You still took money that DID NOT BELONG to you. Jac is jealous that Teresa has the means to work her way out of her mess. What do you have Jac? I guess we’ll see at the public auction.

    • KAS

      OMG They went bankrupt putting money into Jaqualines FACE she looks like such a BLOATED DISTORTED FREAK and she thinks she looks good!! Chris has a disgusting collection of cars he cant afford. Jacqueline so bent on sh!tty on Teresa and family to hide all her own issues PATHETIC he daughter is going down teh Drain too. They will find that lazy mouthy skank in a back alley somewhere working of her habit like Jacqueline did in Vegas with her FaKE BOOBS UGH so gross! I knew they were up to NO GOOD They are all sleezy and going down soon except for Kathy’s family sweet honest Lovable REAL people!

      • Dexter

        Take a closer look at Kathy. Richie is a scumbag. The kids might be nice, but Kathy is no prize. She is ascheming backstabber too. All she wants is a catering business or a licensing deal for desserts. She is a passive aggressive disappointment.

      • Sue Marvin

        See Exxon vs Wakile.

    • Joanna

      There is nothing REAL on the Real Houses of NJ (or any of the others for that matter). It becomes more apparent after reading all the “back stories” of these people. The show should air their real lives….that would truly be interesting.

    • http://www.facebook.com/tereza.bailey.1 Tereza Bailey

      to faced liar and manipulator. Caroline doesn’t let her speak for herself. what goes around comes around. KARMA!!! she has the personality of a rock

    • dpoh2005

      they are all a bunch of broke loser low class wanna be rich people. How many of these dopes have a 4 year or more university education. I am waiting for Ashley Holmes to make porn movies with black dudes before she dies from a heroin overdose.

      • Sue Marvin

        Let’s hope Ashley does better than that route.

    • Sue Marvin

      Jac did not answer the viewer’s question. She just deflected it. That’s Jac’s style.

 

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