The bankruptcy trustee responsible for the case of Jeffrey A. Martinovich has been given more time to evaluate the former securities dealers' Chapter 7 bankruptcy, according to the Daily Press.
U.S. Bankruptcy Court Judge Frank Santoro approved of the motion from trustee Carolyn Camardo, giving her until August 23 to review the case. The motion was partially granted due to Martinovich's failure to provide certain payments and financial documents to Camardo in a timely manner, the newspaper reports.
During the hearing in Norfolk, Virgina, Camardo told the judge that Martinovich, who is the former CEO of MICG Investment Management LLC, had only recently filed his federal tax returns for 2010 and it could take up to eight weeks for the Internal Revenue Service to track the refund. In addition, the news source reports that Camardo said there are several other outstanding matters in regard to the case, including Martinovich's failure to turn over rental payments from a home he owns in Newport News and failure to submit balance sheets for the companies in which he has an interest.
According to the news source, Martinovich was scrutinized by the bankruptcy court only days before, after it was revealed he had taken a trip to Las Vegas with friends after filing for bankruptcy. Although Martinovich claimed the trip was paid for by friends, he reportedly admitted that the primary purpose of the trip was to gamble.