Trump Donor Spent Big And Lived Large. Now He Is Filing To Take His Company Into Bankruptcy.
In January 2020, serial entrepreneur Richard Kofoed filed for personal bankruptcy. When Covid-19 began raging a couple months later, he launched a business and began working with two other companies to sell personal protective equipment. One of those associates later filed a lawsuit against Kofoed, alleging that he embezzled millions and used the funds to support a lavish lifestyle. Kofoed denied the charges and counter sued.
By the end of 2020, Kofoed and his wife, Stacy, had donated more thanâ¯$800,000â¯to Republicans, with Stacy gloating on Instagram about her access to D.C. bigwigs. Richard Kofoed then reportedly ushered Kim Guilfoyle out of the capital on a private jet on January 6. To top it off, he moved into one of Donald Trumpâs Palm Beach homes for a spell, right next door to Mar-a-Lago.
Now, Kofoedâs in financial trouble again.
On Friday, one of Kofoedâs businesses declared bankruptcy. The filing, for Acceler8 Real Estate Group, lists Kofoed as the companyâs CEO. That document, as well as the companyâs registration with Wyomingâs secretary of state, describe Kofoedâs San Diego-area residence as the firmâs office.â¯Kofoedâs LinkedIn profileâ¯calls Acceler8 a âconsulting firm that focuses on adding value to clients over several business sectors.â On the bankruptcy petition though, the firm is described as a single-asset real-estate business. Other government documents identify that asset as Kofoedâs home.Â
Kofoed estimates his firmâs assets at $1 million to $10 million on the petition, while valuing its debts between $500,000 and $1 million. Creditors include the IRS, Californiaâs tax department and San Diegoâs tax collector.Â Â
In addition to the bankruptcy, Kofoedâs home (which, again, doubles as Acceler8âs office) is at the center of at least two other disputes. One company filed a mechanics lien in April, alleging Kofoed owes it $42,000 for the installation of solar panels. A contractor also sued Kofoed and his wife in October, claiming they failed to pay for $110,000 worth of renovations.Â Â
The Kofoeds and their attorney did not respond to requests for comment. The contractor who sued is seeking a default judgement after Kofoed failed to respond to complaints.Â Â
Itâs unclear whether Kofoed kept shelling out to Republicans last year. But just a month before Acceler8 filed for bankruptcy, his wife, Stacy,â¯donated $2,000 towards the re-election of Rep. Brian Mast (R-Fla.).Â Acceler8âs creditors areâ¯scheduled to meet on Feb. 22.Â