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TENNESSEE COURTS OK’s HIDING LEGAL & FINANCIAL DOCS

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Attorneys & Fiduciaries hid Legal, Accounting, Securities and other Records from Trustees

Nashville, Tennessee­­ | Team Reporting by SPF

Tennessee is now the only the only state in the nation that allows attorneys and financial principals to hide and destroy legal and financial records from others involved in a legal and financial transaction.

Tennessee’s appeals court has upheld a lower-court ruling in a breach of fiduciary duty case involving the accountings for an estate out of Williamson County. The ruling wipes out centuries of black-letter law and makes it legal in Tennessee for attorneys, bankers, brokers, realtors and other fiduciaries to hide legal and financial records from clients, beneficiaries—and the courts.

Williamson County Tennessee Judge James Martin III

The original ruling was made by Judge James G. Martin in a claim involving the accounting for an estate and trusts based in the small town of Leiper’s Fork.

At the federal level, and in all other states, if an attorney or fiduciary hides or destroys legal and financial records, or hides records from their client-beneficiaries, it is considered a breach of fiduciary duty, fraud and/or obstruction of justice.

The ruling from Tennessee’s courts is a seismic shift in their laws and alters what people can expect from the legal and financial professionals they employ—and are subject to—when doing business in the Volunteer state.

A DRILL-DOWN: BIG NAMES TIED TO A SMALL CASE

The case was a simple one with a common theme: The widow of a Tennessee man wanted more money than she had agreed to when she signed the pre-nuptial with her spouse. To get more money, the widow teamed up with her attorney to hide and destroy the records of those assets from the man’s sons, who were trustees and beneficiaries of the estate.

Court records show that the estate itself was relatively small, with less than $200,000 subject to probate. (Many of the family’s assets had been placed into trusts.) More

The Rise of the Predator Class: Systemic Elder/Guardianship Abuse by Professional Predators

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By: Don Bowman
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Question:
Are guardians, professionals in the legal system, and influential people in the political system stealing from wards (elderly and disabled individuals who have been placed in guardianships) and laundering the money through shell companies? Specifically, can shell companies be found by examining the April Lynn Parks court case and/or IKOR? In addition, is there a connection between the two? This document presents raw data about court-appointed guardian Parks and IKOR, an elder services franchise. Criminal wrongdoing in individual guardianship abuse cases is known. The criminal network, that runs from county courts and county Area Agencies on Aging (Adult Protective Services)
to high-level government offices, is not known. Shell companies may be one piece of the puzzle.
Facts About Shell Companies:
A shell corporation is a company with financial assets but no significant business activity.
Shell corporations don’t create products, hire employees, or generate revenue.  Rather, they store money and engage in financial transactions.  Shell corporations can be used for illegal purposes like money laundering or legitimate purposes like storing funds in the early stages of a startup. According to the research group Global Financial Integrity, the U.S. is the second easiest country to create a shell corporation in. Delaware, Nevada, and Wyoming are the most popular states for creating a shell company due to lax incorporation requirements and strict privacy laws.  Storing personal assets in a shell company makes sense for people with a large amount of wealth from investments.
The Panama Papers implicated a number of government officials and public figures in crimes ranging from tax evasion to money laundering. The investigation, which exposed the rogue offshore finance industry, showed that owners of shell companies can hide their identities from United States authorities This constitutes a “significant loophole” in the country’s ability to tackle money laundering and illicit financing. The Panama Papers may offer clues about how money is laundered after it is illegally obtained through guardianship scams.
Facts about Systemic Elder Abuse/Guardianship Abuse:

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