Problems at the Family Office

Stockbroker Law - Wednesday, November 30, 2016
Problems at the Family Office

The past decade has seen an explosion in the number of family offices set up by families seeking to coordinate and organize family wealth and assets, as well as issues involving the intergenerational transfer of family legacies. This growth in family offices in turn has given rise to the assessment of what the duties are of the family office, manager and individuals employed by a family office to oversee all categories of duties which family offices are supposed to perform. Unfortunately, many family offices have seen family fortunes dissipated through poor investment advice, mismanagement and fraudulent activities, including theft and embezzlement. We are seeing these cases in our practice here and it is a worrisome trend indeed. 


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Fraud Victims Allowed to Proceed with Theft, Embezzlement and Fraudulent Diversion of Investment Funds Claims

Stockbroker Law - Friday, November 04, 2016
Fraud Victims Allowed to Proceed with Theft, Embezzlement and Fraudulent Diversion of Investment Funds Claims

In a Decision dated November 3, 2016, in the case of Taylor v. Casolo, the New York State Supreme Court, Appellate Division, Third Judicial Department affirmed Supreme Court’s ruling disqualifying counsel for several defendants in a case alleging the purchase of real property with fraudulently diverted investment funds.  The property in question includes the former Davis Motel Property in the Town of Schroon on the shores of Schroon Lake, Essex County, New York, in the Adirondack Park.  The plaintiffs are being represented by the Law Offices of Timothy J. O'Connor. 


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