Federal prosecutors in Connecticut are preparing to move this week to seize the three‑bedroom home on Meadow Road in Farmington that former state budget official Kosta Diamantis pledged as security while he remains free on bond.
Bond conditions and pending cases
Diamantis, a former director of the state’s school construction program, was convicted on 21 counts of bribery, extortion, conspiracy and lying to federal investigators. He is facing two separate criminal cases, each with a $500,000 appearance bond secured by the same residence.
Under the bond agreements, Diamantis promised not to sell the property, allow additional claims against it, or otherwise diminish its value. A judge will decide Wednesday whether to forfeit his bail in one of the cases after Diamantis failed to appear in court.
Equity and competing claims
The town of Farmington appraised the house at $502,500 based on its 2022 revaluation. However, the appearance bonds alone total $1 million, far exceeding the property’s assessed value. In addition, a bank holds mortgages on the home, and an acquaintance, Lee Ferguson, loaned Diamantis $120,000 secured by the house.
Ferguson, former owner of Connecticut contracting firms Ferguson Electric and Ferguson Mechanical, says he believed Diamantis would repay the loan with interest after being acquitted. He now doubts he will recover the money and regrets the arrangement.
Legal commentary
Ian Marcus Amelkin, a Hofstra University law professor and former federal public defender, explained that reducing equity in the home weakens the government’s leverage to compel Diamantis to return to court. “If you continue to remove equity out of the home by adding liens, it’s less of a stick to ensure that you return to court,” Amelkin said.
Former U.S. attorney Stanley A. Twardy Jr. noted that prosecutors, the probation office and defense counsel typically review bond conditions before a judge signs off. “You would think that at the time of the second appearance someone would have seen it,” he said, referring to the private loans.
Government response
A spokesperson for the U.S. Attorney’s Office for the District of Connecticut declined to comment on whether prosecutors were aware of the private loans or had evaluated the home’s equity when recommending bond terms. The Connecticut office of U.S. Probation and Pretrial Services also did not respond.
Current status of the property
When reporters visited the house on September 22, no one answered the door, though a dog could be heard barking inside. Court filings indicate that a family member was present during a recent federal visit, but the family’s knowledge of Diamantis’s whereabouts remains unclear.
Assistant U.S. Attorney Jonathan Francis said agents spoke with at least one family member, though it is not certain they know where Diamantis is. His defense lawyer, Norm Pattis, referred further questions to his client’s attorney and did not provide additional comment.
Implications
If the judge orders forfeiture, the government would join other creditors in seeking to recover funds from a future sale of the property. The outcome could set a precedent for how courts handle bond‑secured assets when defendants flee the jurisdiction.
Original reporting: The Connecticut Mirror — read the source article.
