| NEWS BLOG |
Loveland, January 25, 2012
On January 12, 2012 Larimer County Republicans gathered in Ft. Collins to elect Michael Fassi to
serve as Chairman of the Larimer County Republican Party. The hastily planned election was the
result of a resignation by then Chairman Tom Lucero 1-year before the end of his term.
Michael Fassi, a Fort Collins financial advisor and Windsor resident, beat out Loveland resident and
912 Project leader Tom Buchanan. The vote was close as many who were unfamiliar with Fassi voted
to support the candidate who purported having years of credible financial management experience.
Michael Fassi is the husband of Terri Fassi, the former Larimer County Republican Party Treasurer
who was reported to have accidentally opened the April 7, 2010 duplicate campaign committee
account for the Larimer County GOP that later caused the accumulation of approximately $100,000 in
fines against the party. According to Colorado Secretary of State’s office, they notified Fassi of the
growing fines against the party for failure to file reports by mailing notices to Fassi’s Fassi Financial
Network, LLC located in Ft. Collins.
Michael Fassi apparently operates Fassi Financial Network LLC with his wife Terri. Earlier this week,
District Court Judge Daniel Kaup handed down a ruling on another matter involving Fassi Financial
Network, LLC.
Larimer County Court records indicate that Terri and Michael Fassi negotiated the sale of Fassi
Financial Network, LLC for $145,000 in late 2010 along with arrangements to receive payments over a
48 month period while still working in the business. After paying $58,000, the buyers had second
thoughts and were taken to court by Terri Fassi.
Earlier this week, Judge Kaup ruled against Terri Fassi and her husband Michael in finding they
misrepresented the sales figures for Fassi Financial Network LLC when negotiating the sale of the
practice. The court also found the amount of sale was determined by what it calls, “inflated
numbers” and therefore sided with the defendants in the civil matter.
The court’s findings were made public last Tuesday and stated, in part,
“The undisputed evidence is that [Terri] Fassi and Michael Fassi were both involved in the
negotiations for the sale of the Practice on behalf of Plaintiffs. Defendants presented
testimony from James TenBrook and Ron Marshall that the income figures on Exhibit 19 were
significantly inflated. The Court finds the testimony presented by the Defendants regarding the
inflated nature of the pre-sale income information provided by [Terri] Fassi to be credible and
persuasive.”
The court ruling hasn’t gone unnoticed by Larimer County Democratic Party officials who hope to use
the court ruling to discredit their Republican opponents once the local 2012 campaign season is in full
swing. LovelandPolitics has learned an advertising campaign aimed at both Fassis and what
Democrats call “corruption” in the local Republican leadership is being planned for this Spring to
damage Republican candidates. Speaking on condition of anonymity, one Democrat Party official
said, "its the same small group of corrupt people running the local Republican Party just like
the national party."
Other fraud allegations raised during the civil trial was the failure to produce emails during discovery,
misstatement of certain facts and disregard for the “non-compete” clause Terri and Michael Fassi
apparently negotiated into the purchase agreement of the sale of Fassi Financial Networks LLC.
The Fassi Financial Network LLC civil court battle occurred Last November and December. Michael
Fassi failed to disclose this wrinkle of his personal life when offering to serve as the Larimer County
Republican Party Chairman. A number of Republican Party faithful contacted by LovelandPolitics say
they were unaware of the connection between Michael Fassi and his wife, the disgraced former party
treasurer who resigned, when voting only two weeks ago.
LovelandPolitics attempted to contact Michael Fassi via email for this report but did not receive a
response.
On January 12, 2012 Larimer County Republicans gathered in Ft. Collins to elect Michael Fassi to
serve as Chairman of the Larimer County Republican Party. The hastily planned election was the
result of a resignation by then Chairman Tom Lucero 1-year before the end of his term.
Michael Fassi, a Fort Collins financial advisor and Windsor resident, beat out Loveland resident and
912 Project leader Tom Buchanan. The vote was close as many who were unfamiliar with Fassi voted
to support the candidate who purported having years of credible financial management experience.
Michael Fassi is the husband of Terri Fassi, the former Larimer County Republican Party Treasurer
who was reported to have accidentally opened the April 7, 2010 duplicate campaign committee
account for the Larimer County GOP that later caused the accumulation of approximately $100,000 in
fines against the party. According to Colorado Secretary of State’s office, they notified Fassi of the
growing fines against the party for failure to file reports by mailing notices to Fassi’s Fassi Financial
Network, LLC located in Ft. Collins.
Michael Fassi apparently operates Fassi Financial Network LLC with his wife Terri. Earlier this week,
District Court Judge Daniel Kaup handed down a ruling on another matter involving Fassi Financial
Network, LLC.
Larimer County Court records indicate that Terri and Michael Fassi negotiated the sale of Fassi
Financial Network, LLC for $145,000 in late 2010 along with arrangements to receive payments over a
48 month period while still working in the business. After paying $58,000, the buyers had second
thoughts and were taken to court by Terri Fassi.
Earlier this week, Judge Kaup ruled against Terri Fassi and her husband Michael in finding they
misrepresented the sales figures for Fassi Financial Network LLC when negotiating the sale of the
practice. The court also found the amount of sale was determined by what it calls, “inflated
numbers” and therefore sided with the defendants in the civil matter.
The court’s findings were made public last Tuesday and stated, in part,
“The undisputed evidence is that [Terri] Fassi and Michael Fassi were both involved in the
negotiations for the sale of the Practice on behalf of Plaintiffs. Defendants presented
testimony from James TenBrook and Ron Marshall that the income figures on Exhibit 19 were
significantly inflated. The Court finds the testimony presented by the Defendants regarding the
inflated nature of the pre-sale income information provided by [Terri] Fassi to be credible and
persuasive.”
The court ruling hasn’t gone unnoticed by Larimer County Democratic Party officials who hope to use
the court ruling to discredit their Republican opponents once the local 2012 campaign season is in full
swing. LovelandPolitics has learned an advertising campaign aimed at both Fassis and what
Democrats call “corruption” in the local Republican leadership is being planned for this Spring to
damage Republican candidates. Speaking on condition of anonymity, one Democrat Party official
said, "its the same small group of corrupt people running the local Republican Party just like
the national party."
Other fraud allegations raised during the civil trial was the failure to produce emails during discovery,
misstatement of certain facts and disregard for the “non-compete” clause Terri and Michael Fassi
apparently negotiated into the purchase agreement of the sale of Fassi Financial Networks LLC.
The Fassi Financial Network LLC civil court battle occurred Last November and December. Michael
Fassi failed to disclose this wrinkle of his personal life when offering to serve as the Larimer County
Republican Party Chairman. A number of Republican Party faithful contacted by LovelandPolitics say
they were unaware of the connection between Michael Fassi and his wife, the disgraced former party
treasurer who resigned, when voting only two weeks ago.
LovelandPolitics attempted to contact Michael Fassi via email for this report but did not receive a
response.
LovelandPolitics
| Loveland's Independent News Source |
| New GOP Chairman In Trouble Democtrats planning campaign blitz |
| Michael Fassi is the husband and business partner of the former Larimer County Republican Party treasurer, Terri Fassi. Terri resigned after the scandal involving campaign finance committee mismanagement and charges of embezzelment by then chairman Larry Carillo. Click here to read the recent court finding regarding a civil case involving a dispute over the sale of their business, Fassi Financial Network, LLC |
| Michael Fassi Larimer County Republican Party Chairman |