American businessman
Michael R. Mastro (born June 1, 1925) is an American real estate developer, who was in business for forty years managing apartments and mid-size office parks in Seattle. He declared bankruptcy in 2009. Mastro and his wife, Linda, a former Bellevue grade school teacher, moved to France in 2011. They were arrested in 2012 in Lake Annecy, in the French Alps, and faced extradition hearings. After several months of house arrest, they were freed in June 2013 after a French court denied a request for their extradition back to the United States, finding that while they stole the life savings of elderly people, they themselves were too elderly to (potentially) be incarcerated. Mastro's bankruptcy has been described as the largest personal bankruptcy in the history of Washington state. Prior to the bankruptcy, the Mastros moved many of their assets, including a $15 million home in Medina, Washington, into an irrevocable trust based in Belize.
From: Wikiquote (CC BY-SA 4.0)
My lawyer in 2008 had been after me for a long time to set up diversionary accounts for estates purposes, the theory being that you don't have all your eggs in one basket. We put the house in it, the cars in it, the jewellery in it... [It was done] in case you fall on hard times, then creditors can't grab everything.