Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Illinois Asset Protection News
Court Orders Illinois Broker John M. Lofgren And Melrose Asset Management To Pay Over $5.5 Million To Defrauded Commodity Pool Participants
Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) announced today that on August 30, 2004, Judge William J. Hibbler of the U.S. District Court for the Northern District of Illinois entered a consent order of permanent injunction against John M. Lofgren, formerly of Kenilworth, Illinois, and Melrose Asset Management of Chicago, Illinois. Lofgren was the chief executive officer of Melrose Asset Management, a registered commodity pool operator, and was registered in the futures industry as an associated person of Melrose Asset Management. The court’s action concludes a CFTC anti-fraud action against the defendants two years after it was filed on August 30, 2002 (see CFTC News Release 4695-02, September 4, 2002).
The CFTC complaint charged the defendants with misappropriating over $1.8 million from customers that had not been returned, issuing at least 200 false statements to pool participants, failing to distribute annual reports to pool participants and filing false annual reports with the CFTC. The defendants admitted the findings in the order.
The court’s consent settlement order permanently prohibits the defendants from violating the federal commodity laws, from trading commodity futures or options for themselves or others, and from applying for registration with the Commission in any capacity.
The court's order requires the defendants to pay restitution of over $1.8 million to pool participants and over $3.7 million in ill-gotten gains, for a total of over $5.5 million.
Going off-shore with asset protection is becoming very common
Asset Protection can involve utilization of out of country corps., banks, partnerships, ,trusts, funds, management firms, to legally safeguard assets, plan for the future, minimize taxes and get involved in globally investing opportunities.
Newsroom
News about Asset Protection cases in Illinois and nationwide:
How Medicaid Asset Protection Works
The Medicaid Asset Protection feature is designed to provide you with added coverage through the Connecticut Medicaid program, if you con... Read more >
Definition:
Casualty Insurance coverage is primarily for the legal liability of an individual or organization that results from negligent acts and omissions causing bodily injury and/or property damage to a third party. However, the term is broad and includes such property insurance as aviation insurance, boiler and machinery insurance, glass insurance and crime insurance.
Revocable Trust
Definition:
In a living, or revocable trust, you name yourself as the grantor, the trustee, and the current beneficiary. You then transfer some or all of your assets to the trust. The terms of the trust require that the trust is to be used for your benefit during your life. After your death, the living trust continues for the benefit of your intended beneficiaries.
Tax exempt entity
Definition:
To hold the protected assets. The stock in this tax exempt entity can be held by an asset protection trust. As a result, the stock does not show up on the balance sheet of the taxpayer and the income from the assets is likewise off the tax return of the protected client.
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Illinois Asset Protection Lawyers.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?