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Susan Farah filed for personal bankruptcy early last month. In filings with the court last week, Susan Farah said she is out of work, has no income and faces liabilities and debts of $970,000.
She lists two companies of which she is the owner. One, Matark LLC, is described as dealing in "land development and music publishing."
Among the properties that Susan Farah holds as a trustee is the building where her husband operated his business. Documents at the Belknap County Registry of Deeds list Northview Drive Trust of 2005, with Susan Farah as sole trustee, as the building's owner. That building is also heavily mortgaged, with a second mortgage for $1.1 million executed by Dodge, Scott Farah's business partner, in July 2009, four months before the companies abruptly closed.
Gannon said Winnipesaukee River Supportive Care does no business. "That was an idea," he said.
It's unclear whether the company ever actually developed any land. Susan Farah's lawyer, William Gannon, said the company had "no real assets."
On at least one occasion, the Northview Drive Trust, with Susan Farah as trustee, borrowed money from some of Scott Farah's clients. Harry and Thelma Bean of Gilford, members of an extended family that claims to have lost $4 million with Scott Farah, lent Northview Drive Trust $330,000 last March. That loan was secured by a mortgage on Financial Resources Mortgage's building, and was discharged in August.
But in marketing material he sent to his clients, Scott Farah solicited investments in projects supposedly being developed by Matark. He described the company as a "New Hampshire based real estate development and development management company, specializing in condominiums and supportive care facilities," but he did not reveal that the company was owned by his wife.
The filing indicates that the Farahs no longer live together. Susan Farah lists a Concord address and says she stopped living in Meredith in December, while her husband's bankruptcy filing lists the Meredith home as his residence.
CONCORD Scott Farah is not the only member of his family who's been sunk into Gucci Belt Mens debt by the collapse of his investment firm. Farah's father and wife have declared bankruptcy themselves, and recent court filings reveal new details of the business relationships between Scott Farah and his relatives. Bankruptcy Court in Concord earlier this week, Robert Farah, Scott Farah's father, tried to help his son's Meredith company in the days before it collapsed amid what the court appointed trustee calls a massive Ponzi scheme. Robert Farah said he made two separate wire transfers to his son's company, Financial Resources Mortgage, on Nov. 10, 2009, the same week the company and a related business closed their doors without notice. Those two transfers one for $8,500, the other for $8,300 were to help the company make payroll, Robert Farah said in his filing.
Matark's musical dealings appear to center on recordings made by Susan Farah and her son, Mark Farah. The pair released an album last year, Surrounded, which contains Christian themed pop songs. In her filing, Susan Farah lists the rights to several of those songs among her assets.
Neither man has spoken publicly since their companies closed.
over to the trustee overseeing the Financial Resources Mortgage bankruptcy case.
Among the proposals Scott Farah solicited investors for was the other of his wife's businesses: Winnipesaukee River Supportive Care. He described it as a proposed elderly residence in Northfield. Papers on file with the New Hampshire secretary of state's office describe that business as a facility for Alzheimer's patients, but it was never built.
out to help raise money for his son's business.
Scott Farah and his former business partner, Donald Dodge, have been at the center of a criminal and financial probe since their two companies abruptly shut down, leaving investors claiming they had been swindled and with no access to their accounts. Both men's businesses have been forced into bankruptcy court, and dozens of former investors have sued the men. The court appointed trustee overseeing the bankruptcy cases says the men duped as many as 500 investors out of between $80 million and $100 million over five years by soliciting deposits on real estate projects that were inflated or, in some cases, nonexistent.
Susan Farah lists real estate in her name worth $584,000, including the Meredith home she co owns with Scott Farah and two properties to which she holds title as a trustee. Gannon said Susan Farah had planned to turn those assets Gucci Belts On Sale
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Robert Farah also lists a rental property in Franklin, which he says his son bought for him and which he believes has a $140,000 mortgage against it, though Robert Farah says he "has no documentation or information as to the holder of that mortgage."
Court papers show that Robert Farah and Scott Farah's wife, Susan Farah, face significant financial liabilities themselves, in large part because of Scott Farah's apparent financial meltdown. Robert Farah claims assets of $1.1 million and liabilities of $11.2 million. He says his income is limited to the $2,000 in Social Security checks he and his wife receive each month, as well as a $50,000 inheritance he received in September from a woman named Miriam Appleby. He says he owes $810,000 on a Gucci Belt Purple
Accused swindler's father
In her filing, Susan Farah includes records of her checking account for the past 12 months. The records show that she made regular transfers to Matark that added to $28,000 last year. The records also list numerous charitable contributions, many religious themed and the largest of which is $11,755 to Center Harbor Christian Church in 2009. Robert Farah is the pastor of that church.
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