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The Sarbanes Oxley Act :: View topic - "Churning" a decedant's stock portfolio.
Posted: Fri Dec 23, 2016 8:16 am Post subject: "Churning" a decedant's stock portfolio.
Hello forum people.
Not sure if this is the best forum to ask question, but I have had a problem with my fathers' estate in that a spendthrift was put in charge, and now there appears to be no stock portfolio left.
The Trustee sold off what was now worth about a million bucks worth of stocks fairly diversified portfolio. The Trustee paid a maximum in capital gains taxes for the instant gratification of going from bankrupt to big shot in just two short months.
He used the decedent's taxpayer id number, so he could mask the transactions. (state case law here is that the person getting the capital gain pulls their own tax.)
Now I am in a situation where it appears $168,000 has been paid in capital gains, my third would be $56,000,
For this amount of capital gains imputed on me I see approximately 4500 in checks I received from the sale of stocks.
As much as dad planned a better way , the fraudsters have been busy helping the 2/3 majority abscond and conceal their crime. In nearly six years there has been no accounting and the Judge has been ineffectual at compelling an accounting.
What penalties are there for dumping stocks, fraudulently disguising the actual profiteers by using a dead guy's taxpayer id and "Churning" commissions by liquidating stocks for absconders? And where would I find about about the seller's liability for doing such a tax fraudulent scheme if this has nothing to do with S-Ox issues?
Any lawyers know about multi district litigations?
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