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A new case is now headed to trial, in which Del Mastro alleges that Grimado and others “engaged in a conspiracy to fraudulently transfer or conceal his assets” to help keep him from paying.
Grimado closed his business, Industrial Concepts Inc., a month after the August 2005 judgment, in which a judge accused him of “an act of vengeance for a failed relationship.” A year earlier, documents show, the company reported net profits of about $370,000.
A new company emerged, Precision Devices Associates, with Grimado holding a lesser position, making $60,000 a year, court papers show. Soon, it was as successful as ICI, Del Mastro said.
“Grimado, in effect, transferred the business of ICI to Precision and accepted a lesser salary to create the appearance Grimado lacked the ability to satisfy the judgment,” she argued.
Grimado asked for a jury trial in criminal court to fight the complaint. Del Mastro wanted a chancery judge to handle the case against him and his associates.
Judge Peter Doyne this week granted Grimado’s request, transferring the case from the Chancery Division to the Law Division in Superior Court in Hackensack. No date has been set.
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