Allegations of fraudulent transfers involving tens of millions of dollars have surfaced in a lawsuit filed by a trustee overseeing a prominent family trust, raising questions about the management and movement of assets among related trusts and individuals. The complaint was submitted by Veronica Bulgari, acting as Trustee of the Anna Bulgari Family Trust #1 and #2, to the United States District Court for the Southern District of New York on March 19, 2026. The defendants named include Jan Boyer, Ilaria Bulgari (in multiple trustee capacities), and Jonathan Leo (also in multiple trustee capacities).
According to the complaint, Veronica Bulgari seeks to reverse what she describes as a series of fraudulent transfers totaling approximately $45 million from trusts established under her family’s estate plan. The filing outlines three main sets of disputed transactions: two transfers amounting to roughly $22 million from one trust benefiting Ilaria Bulgari to another trust created in 2022; a $2 million transfer from this 2022 trust to Jan Boyer; and twenty separate transfers totaling $21 million from the same 2022 trust directly to Ilaria Bulgari’s personal accounts.
The background provided in the court documents details how, after Anna Bulgari’s death in October 2019, her three daughters each became beneficiaries of successor trusts under Article 3 of the Family Trust Agreement. Veronica alleges that as sole surviving trustee, she distributed about $40 million from the Family Trust to an Article 3 Trust for Ilaria between 2020 and 2022. Each distribution was accompanied by signed agreements obligating Ilaria’s trust to refund amounts necessary for proper administration or debts if needed.
However, after these distributions were completed—culminating with a final payment on June 15, 2022—the complaint states that nearly all assets were quickly moved out of Ilaria’s trust into a newly created irrevocable entity known as the “Ilaria Francesca Bulgari 2022 Trust.” Veronica claims she only learned about this new trust through discovery in ongoing litigation three years later. She asserts that these moves were designed “for the purpose of and had the effect of hiding the assets” from creditors such as herself acting on behalf of the Family Trust.
The document further alleges that shortly after receiving large sums from her own beneficiary trust, Ilaria—with co-trustee Jonathan Leo—transferred almost all remaining assets into this new vehicle without any consideration or agreement requiring repayment if refund obligations arose. By May 2023, according to financial statements cited in the complaint, only $5,000 remained in Ilaria’s original trust despite substantial outstanding liabilities.
In addition to asset movements between trusts, Veronica highlights twenty instances between October 2022 and December 2024 where over $21 million was transferred directly from the new trust into Ilaria’s personal accounts. These funds reportedly covered luxury living expenses for both Ilaria and Jan Boyer—including more than $5 million on housing-related costs—and left only $25,000 remaining by September 2025.
Veronica also points out that when she made formal refund demands totaling $4 million across several years due to mounting legal fees tied to ongoing disputes initiated by Ilaria herself, those requests went unanswered or were partially offset only through withholding future distributions earmarked for Ilaria’s benefit. A court order issued on March 24, 2025 directed repayment but was not honored by trustees.
The complaint accuses Jan Boyer—described as both romantic partner and financial advisor to Ilaria—of receiving a secret $2 million transfer from the new trust without any legitimate basis or disclosure during depositions connected with other litigation matters. It is alleged that both Boyer and Ilaria gave misleading testimony regarding these transactions.
Four counts are asserted against various combinations of defendants under New York law: actual fraudulent transfer relating to all major asset movements; specific fraudulent transfer concerning Boyer’s receipt; similar claims regarding direct payments to Ilaria personally; and constructive fraudulent transfer based on lack of fair value exchanged while leaving creditor obligations unmet.
As relief, Veronica asks for avoidance (reversal) of all identified transfers deemed fraudulent under state law statutes governing debtors and creditors. She also seeks attorneys’ fees, costs incurred during prosecution, and any further remedies deemed appropriate by the court.
Attorneys representing Veronica Bulgari are Mitchell A. Karlan and James L. Hallowell from Gibson Dunn & Crutcher LLP along with Michael M. Rosensaft from Katten Muchin Rosenman LLP. The case is identified as No. 1:26-cv-2289.
Source: 126cv02289_Veronica_Bulgari_v_Jan_Boyer_Complaint_Southern_District_of_New_York..pdf
