LOS ANGELES EXCLUSIVE (LALATE) – Todd Chrisley’s Chrisley Knows Best season two finale airs tonight. But who is Todd Chrisley, what does Todd Chrisley do a living, what is the latest news update on the Todd’s bankruptcy, and how did Todd Chrisley make his money? Todd Chrisley started this season with a series of untrue statements to news that he had moved on from his bankruptcy case and that his family was blessed. Rather, the bankruptcy has not moved on; it has moved forward. Now Todd Chrisley’s personal bankruptcy trustee, and Todd Chrisley’s corporate bankruptcy trustee, are both suing Todd Chrisley’s wife Julie Chrisley. The latest case was filed against Julie just days ago. The first claims that Julie Chirsley allegedly improperly received assets from Todd before he filed for personal bankruptcy, a claim she disputes. The second just days ago claims that Todd Chrisley’s company allegedly improperly transferred assets to Julie before it filed for bankruptcy so to allegedly not pay creditors. She has yet to file her answer to that case. Now, Todd Chrisley’s bankruptcy trustee is revealing more about Todd Chrisley’s net worth, putting tax returns for Todd’s company Chrisleys Asset Management into public record, and more.
Todd Chrisley in Chrisley Knows Best has delivered what LALATE has called one of the most entertaining shows on televisions. But viewers have been left baffled by the lack of exposition by Todd this season. He advocates a work ethic to his children, but never tells viewers what he does for a living. He never depicts himself going to work or coming from work. And Todd Chrisley talks about his net worth, when he is in bankruptcy. When asked about his bankruptcy, Todd told news earlier this year. “It’s just a regurgitation of what happened in 2012. We’re very blessed. It’s 2014, we’ve moved on.” That is just not true.
New documents obtained exclusively by LALATE today reveal more about the pending bankruptcy case and the new action days ago. Julie Chrisley is being sued by Todd Chrisley’s trustee for alleged fraudulent transfers, a claim she denies. A document lodged this fall by that trustee named Jason Pettie line-items the following allegation: “23. Fraudulent transfers claims against Julie Chrisley” of $500,000. Item eleven indicates that the trustee allegedly sold a “platinum wedding band” as part of Todd’s bankruptcy case and received $1,300 for the sale. Moreover, the sale of $994,430 in Brookhaven Bank Stock (100,000) shares were received by the trustee this fall.
Also put into public record, and not sought to be sealed by the Chrisleys, is a Chrisley Asset Management’s 2011 IRS Tax Return, obtained exclusively by LALATE today. The tax return claims that Chrisley Asset Management had substantial profits that year and paid salaries to person(s) including Todd. But what happened after 2011?
Todd’s trustee claims that Todd in the past was “financially successful primarily as a result of the performance of two companies … Both companies managed real estate assets and properties for lenders but primarily for Fannie Mae. This management included taking possession of properties after foreclosure and, through realtors, rehabilitating the properties and selling them. The companies were full REO firms meaning that they dealt with real estate owned by lenders. Fannie Mae would reimburse the funds expended for rehabilitation and EAM or CAM would receive a fee for each sale. During the last few years of robust foreclosures business in this industry was very strong.” The trustee claims that Todd was receiving $500,000 per month in include from his business.
But what does Todd for a living now? The trustee and the Chrisleys claim that, during a state court lawsuit between the Chrisleys and a former partner, Fannie Mae canceled that lucrative contract. The trustee claims that Todd and Julie have not been “employed since CAM closed in 2012. However, they continue to live in lavish residences, drive expensive vehicles and travel extensively”. Julie and Todd have disputed the same. For more about the new action and other updates click HERE.