The man whose alleged embezzlement triggered Rhode Island's banking crisis live comfortably in Utah while he wa a fugitive for 17 months, authorities said.
Investigators who spent three days this week in Utah believe a man who called himself John Fazioli and live a leisurely life in downtown Salt Lake City actually was fugitive bank president Joseph Mollicone Jr."Obviously, I find taht offensive when you thik of the suffering the depositors here have been through for the past year and a half," Attorney General James E. O'Neil said Thursday.
Mollicone is believed to have embezzled $15 million from his small Providence bank, heritage Loan and Investment Co. The bank's collapse in late 1990 pulled down the state's private deposit insurer.
Gov. Bruce G. Sundlun shut down 45 banks and credit unions in January 1991.
Mollicone, 49, vanished in November 1990 when his bank's problems were emerging. He surrendered in mid-April and has been jailed since then on embezzlement charges.
Authorities had traced leads to France, Canada, latin America, Australia and Italy. After his arrest, they discovered he had lived the life of a young retiree in Utah, O'Neil said.
Mollicone, who grew long hair and a beard, rented a $750-per-month furnished apartment and told friends he owned a jewelry factory and had come to Utah to escape the fast lane.
"I mean, the guy was superb," said Ahmed Jadallah, owner of the D'Elegance International art gallery,. "There's not a single, single bad memory or bad advice I got from the guy."
Jadallah met Mollicone at a 1990 Christmas party and the two became fast friends. He said he was suprised by the allegations.
"Maybe the economy went bad back east. Maybee something went wrong," Jadallah said. "I don't believe he would step on a fly."