Celebrity fashion designer Domenico Vacca has been exposed as a con man who resorted to outright fraud to maintain his lavish lifestyle, a new lawsuit charges.
A client named Alex Blavatnik came forward and filed a lawsuit filed against Domenico Vacca last week. In a state Supreme Court, Larry Hutcher, whose client is Blavatnik, stated, "We discovered that Mr. Vacca is actually dwelling a lifetime of luxurious that is funded by other people," Sapy News cited.
According to New York News Grio, the lawsuit charges that Vacca looted the company of its assets to avoid repaying the loan. Blavatnik is seeking repayment and up to $5 million in damages. He sued the company last year and in February 2016, Vacca's lawyer requested an adjournment of an upcoming hearing because his client was having surgery overseas and wasn't reachable, court papers revealed.
In 2011, Blavatnik loaned $1 million to DV Retail Holding, one of Vacca's companies. Blavatnik alleges that the tailor misrepresented the financial viability of the operation to entice him into making the loan. He further stated that Vacca stopped the payments in 2015 leaving a balance of $804,421.
Gem News has learned that Domenico Vacca's companies, clothing suppliers and lenders, legal papers charged have racked up debts to the IRS. Vacca paid 1 debt only after being held in contempt of court and threatened with arrest. He recently opened a flagship store at 5th Avenue where men's suits cost $2,900.00.
Yet Vacca, 53 has plummeted $6.1 million in 2008 for a condo unit at the Museum Tower located in Midtown and another $1.5 million for a penthouse condo in Bal Harbor, Fla. Both properties later faced foreclosure actions.
However, his lawyer denied that the fashion designer owed a large amount of money to anybody. In fact, Vacca is slated to hold a red carpet event on Tuesday, May 3 to celebrate his new store which includes a cafe, hair salon, barbershop, and a members-only social club that costs $20,000 per annum.
