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Wealth, prestige gone, a lawyer faces prison term (Plead guilty to bilking trust $)
sfgate.com ^ | 6-10-07 | Jaxon Van Derbeken

Posted on 06/13/2007 8:26:43 PM PDT by KJC1

Wealth, prestige gone, a lawyer faces prison term

He pleaded guilty to fraud while bilking the trust he was overseeing of $52 million

Mark Avery, San Francisco-born son of one of the nation's pre-eminent trust attorneys, was one of 14 lawyers fired in 1996 by a then-incoming San Francisco district attorney intent on making room for his own people.

Avery, now 48, rebuilt his life in Alaska, first working as a prosecutor in Anchorage and then prospering as he took over his late father's role as a trust attorney. But the wealth and prestige he built along the way were a product of betrayal and lies, authorities say.

Avery now faces the possibility of a prison sentence, having pleaded guilty to federal wire fraud and money laundering in connection with what investigators say was the $52 million bilking of a trust he was supposed to guard.

---snip---

Stanley Smith, an Australian who made millions in Malaysian mining, died in 1968. The wealth he amassed was assembled into the May and Stanley Smith Charitable Trust, formed in 1989 in California. It was used to donate to organizations involved in assisting the elderly, the blind, and disabled and poor children.

Smith's widow, May Wong Smith, helped administer her own personal trust, the May Smith Trust. But during the 1980s she began a slow decline from dementia and by 1991 required full-time care. By then she was living in a cottage with caregivers on the tiny island of Guernsey off the coast of France.

But shortly after he took over for his father as attorney and trustee, Avery carried out a series of transactions involving the May Smith Trust that he would later admit would never have been authorized by May Wong Smith.

(Excerpt) Read more at sfgate.com ...


TOPICS: News/Current Events
KEYWORDS: fraud; trustees; trusts
This is by far an isolated case. Trustee/trust attorney fraud happens a lot more than is reported, all over this country.
1 posted on 06/13/2007 8:26:46 PM PDT by KJC1
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To: KJC1
I take if that you really meant to say that this isn't an isolated case...
2 posted on 06/13/2007 8:43:34 PM PDT by doc11355
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To: KJC1
This is by far an isolated case. Trustee/trust attorney fraud happens a lot more than is reported, all over this country.

That is the truth, you put an attorney in charge of an estate and you will see an estate stolen.

3 posted on 06/13/2007 8:47:18 PM PDT by org.whodat (What's the difference between a Democrat and a republican????)
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To: KJC1
This is by far an isolated case...maybe "not an isolated case"? - reminds me of the lawyer who was settling my aunt's estate a few years ago - he had actually been one of her friends and was in charge of her finances when she became disabled with Alzheimer's - my mother always thought he siphoned off a lot of aunt's money and she ended up in a nursing home on Medicaid - when she finally passed away her will left about a thousand dollars to my father, but although he completed the necessary paperwork he never received the money - when my father passed away I was settling his estate and wrote the lawyer several times to try to collect the bequest owed him, but never got a reply - eventually after a year I complained to the surrogate judge overseeing my aunt's estate, and he came down on the lawyer who finally came up with the thousand (he told the judge he hadn't finished the settlement because he had "been on vacation") - the guy had been my aunt's friend but was so crooked he was trying to bilk her relatives out of a lousy thousand dollars - a hundred lawyers at the bottom of the sea is a good beginning........
4 posted on 06/13/2007 8:56:54 PM PDT by Intolerant in NJ
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To: doc11355

Yeah, you are right. “Isn’t” is exactly what I meant.


5 posted on 06/13/2007 8:59:57 PM PDT by KJC1
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To: org.whodat
That is the truth, you put an attorney in charge of an estate and you will see an estate stolen.

Something I have found from personal experience.

6 posted on 06/13/2007 9:00:12 PM PDT by ikka
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To: KJC1

I’ve met honorable lawyers. Both of them.


7 posted on 06/13/2007 9:08:52 PM PDT by Eagles6 (Dig deeper, more ammo.)
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To: Intolerant in NJ

I sympathize.

Reminds me of the joke, “What’s the difference between a lawyer and a wood tick?”

“A wood tick falls off you when you die.”


8 posted on 06/13/2007 11:45:34 PM PDT by Roy Tucker ("You can avoid reality, but you cannot avoid the consequences of avoiding reality"--Ayn Rand)
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To: KJC1

It’s hard to imagine the greed that wouldn’t be happy with a cushy $400k a year trust attorney job. Now his whole family is living in a room in his aunt’s house...sniff.

Security Aviation was a big story in Alaska. Do a search of the name.


9 posted on 06/14/2007 2:16:57 AM PDT by GATOR NAVY
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