GREENSBORO, N.C. – The former owner of a string of downtown nightclubs yesterday was sentenced to four years probation for lying on loan applications to borrow $2 million from local lenders, including a $1 million member business loan from Truliant FCU.
Joey Medaloni last year pleaded guilty to federal charges in connection with a $1 million loan he took out from Truliant in 2005. He was spared jail because he repaid the loan in full. Judge Carlton Tilley also cited Medaloni's contributions to the community in issuing probation rather than a prison sentence.
Medaloni, who once owned several downtown nightclubs, including the former N Club on South Elm Street, obtained the MBL by using phony tax returns for his company, Lafamiglia Inc.
Medaloni’s string of nightclubs once were the focus of the city’s revitalization efforts. They earned him the nickname “Mayor of Downtown Greensboro” and causing him to briefly consider a run for mayor.
Medaloni also used the fake returns to obtain a $970,000 loan from First Merit Bank and a $315,000 loan from Carolina Bank.
