Wills, Trusts & Estates keyed to Dobris
Federal Trade Commission v. Affordable Media, LLC
The defendants defrauded several investors out of their money in a telemarketing scheme. The Federal Trade Commission field a charge against the defendants and an ex parte temporary restraining order was issued against them. The order required the defendants to transfer to the United States any assets under their control directly or indirectly. The defendants claimed they were unable to access their funds that were overseas in Cook Islands trust. In response to the injunction, the defendants faxed a letter to AsiaCiti instructing them to repatriate the assets to the United States to be held under the control of the district court. AsiaCiti thereby notified the defendants that the temporary restraining order was a term of duress and removed the defendants as co-trustees. AsiaCiti refused to provide an accounting or repatriation of the assets. The defendants had been able to access one million dollars from the trust in order to pay their taxes. The offshore trust allowe d the defendants as settlors to act as co trustees or protectors of the trust. The defendant’s trust gave them the power to force the foreign trustee to repatriate the trust assets to the United States. After the Commission revealed that the defendants were protectors of the trust, the defendants attempted to resign from the position.
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