The Return of Litigious Joe

Joe and Maria Carollo were listed as coplaintiffs. Maria was not injured in the accident; her claim, records indicate, stems solely from the discomfort of enduring the company of a permanently injured and impaired husband locked in a perpetually bad mood. The couple demanded a jury trial.

The lawsuit snaked its way through the court system for two and a half years before the settlement was reached in May 1997. Both sides agreed the payout to the Carollos would remain confidential. Carollo acknowledges he and his wife received a lump sum in 1997. “Go ahead, attack me,” he rails. “Write whatever you want. I've answered your questions. You've got it all right there. Everything you need is there in the [court] record.”

The case was dismissed on May 7, 1997. There is no mention in the court file as to whether Joe Carollo recovered from his injuries or regained his ability to enjoy life.

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STUFFING THE MATTRESS
A peek at Joe Carollo's financial disclosures, filed by law each year, provides little insight into the amount of his personal-injury settlement with Davidson Manufacturing and Builders Square. In fact Carollo's net worth over the past five years was at its lowest in 1997, the year of the lump-sum payment.

Even his highest net worth, $98,274.21 in 1999, is surprisingly modest for a man who once claimed an annual earnings potential of $210,396 per year. Court records show Carollo arrived at that figure in 1996 by averaging his wage and salary income over a five-year period.

Records also reveal substantial income from investments and other sources. In 1989, a year when Joe earned $352,282 in salary and wages and Maria garnered just $29,500, their joint tax return reported a combined income of more than $925,000.

Where's it all going? One explanation: His home, valued at $350,000, and other investments are in Maria's name. Court records also reveal that Maria often is a principal investor in Joe's business dealings.

Here's what Joe is worth, as reported to the City of Miami Clerk's Office:

1995 Assets $86,444.94 Liabilities 0 Net Worth $86,444.95

1996 Assets $84,781.37 Liabilities 0 Net Worth $84,781.37

1997 Assets $46,545.88 Liabilities 0 Net Worth $46,545.88

1998 Assets $51,743.35 Liabilities 0 Net Worth $51,743.35

1999 Assets $98,274.21* Liabilities 0 Net Worth $98,274.21

*includes back pay of $37,338.52 from the City of Miami