Investment/Estate Planning

Indiana settles with securities firm over agent who ran Ponzi scheme

January 20, 2017
 Associated Press, IBJ Staff
The state has reached a $275,000 settlement with NYLife Securities LLC over the activities of an Indiana wealth manager who killed himself in 2013 while being investigated for operating a Ponzi scheme that took millions of dollars from dozens of investors.
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Ex-lawyer who bilked relatives of $1.3M gets prison sentence

December 27, 2016
 Associated Press
A former Indiana attorney who pleaded guilty to bilking relatives out of more than $1.3 million has been sentenced to 2 ½ years in prison.
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Feds bring charges in alleged fraud scheme that stung CNO Financial

December 20, 2016
Greg Andrews, IBJ Staff
Prosecutors on Monday lowered the boom on the New York-based hedge fund Platinum Partners, alleging it carried out a $1 billion fraud that left hundreds of victims—including CNO Financial Group.
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US Supreme Court upholds broad power to curb insider trading

December 6, 2016
 Associated Press
A unanimous U.S. Supreme Court is siding with the government in a legal clash over the nation's insider trading laws. It's a victory for prosecutors seeking to curb corruption on Wall Street.
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Former CIB chiefs try to avoid entanglement in legal fight involving Pacers

December 2, 2016
Anthony Schoettle, IBJ Staff
Three former presidents of the city’s Capital Improvement Board—Pat Early, Bob Grand and Ann Lathrop—are fighting an effort by attorneys for the IRS to depose them about what they learned about the Indiana Pacers' finances during discussions with the team.
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Judge rejects Durham’s bid to dismiss SEC civil suit

August 10, 2016
Dave Stafford
Ponzi scheme operator Tim Durham has failed to persuade a federal judge to dismiss the government’s civil action against him and other convicted accomplices.
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Prosecutor: No charges in Ball State investment scandal

August 8, 2016
 Associated Press
A prosecutor says Ball State University's investment of $13.1 million with two networks of criminals didn't violate Indiana securities law and no criminal charges will be filed.
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401(k) fees are attracting more attention—from lawyers

July 8, 2016
 Bloomberg News
Recent mega-settlements involving 401(k) lawsuits, along with a U.S. Supreme Court ruling last year that put plan fiduciaries on high alert about the need to continuously monitor plan investments, has encouraged more law firms to develop and expand their fiduciary litigation practices.
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Justice Alito sells Exxon stock after almost decade of recusals

June 22, 2016
 Bloomberg News
U.S. Supreme Court Justice Samuel Alito has finally sold the Exxon Mobil Corp. stock that for almost a decade kept him from taking part in cases involving the world’s biggest publicly traded oil company.
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As Koch brothers cling to Madoff cash, a new legal battle arises

June 3, 2016
 Bloomberg News
Billionaire brothers Charles and David Koch have made plenty of good business decisions over the years. Placing millions of dollars with Ponzi-scheme mastermind Bernard Madoff may have been one of them.
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With Prince’s intestate death, estate lawyers see need to educate

June 1, 2016
Dave Stafford
The apparent intestate death of Prince Rogers Nelson, who left an estate widely reported to be worth up to $300 million, prompted several Indiana lawyers to blog about their connection to his music and also use the opportunity to educate people about what happens when someone dies without a will or estate plan.
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Glenn: Estate planning for Florida snowbirds

June 1, 2016
Indiana attorneys are well-advised to have Florida counsel engaged in the planning of any strategies involving their snowbird clients’ Florida interests, and certainly in the preparation of any Florida estate planning documents.
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Feds reach $15M deal in suit over failed Indiana bank

May 12, 2016
IBJ Staff
The Federal Deposit Insurance Corp., which sued three former Irwin Union Bank officers in 2013, has reached a $15 million settlement with those defendants.
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AG’s office looking for owners of savings bonds

March 2, 2016
IL Staff
The Indiana Attorney General’s Office is looking for owners of $722,266.99 in savings bonds and has issued public notices in each of Indiana’s major newspapers across the state to find them.
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JPMorgan Chase agrees to $905,000 settlement with state

March 2, 2016
Mason King, IBJ Staff
JPMorgan Chase has agreed to pay $905,000 in a settlement with Indiana officials over losses from mortgage-backed securities purchased in 2006, just before the controversial investment vehicle contributed to a national financial meltdown.
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Indiana probing JPMorgan's church trust practices, sources say

February 24, 2016
 Bloomberg News, IBJ Staff
Indiana securities regulators are investigating JPMorgan Chase & Co.'s handling of investments that benefited churches in the state, Bloomberg news reported, citing sources.
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Insider traders look to US Supreme Court for redemption

January 27, 2016
 Bloomberg News
Some of U.S. Attorney for the Southern District of New York Preet Bharara’s biggest catches in a seven-year insider-trading sweep are clinging to one more hope of clearing their names.
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Do-it-yourself dangers

January 27, 2016
Dave Stafford
Where there’s a will, there’s a way to do it yourself with Internet services such as LegalZoom, Nolo and Rocket Lawyer. But attorneys say relying on online form providers for long-term financial and estate planning may not be the wisest investment.
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Study commission repeal endangering probate code needs

January 27, 2016
Marilyn Odendahl
Since the Probate Code Study Commission was eliminated as part of a 2014 law that reduced the number of interim study committees, certain legislators and attorneys have mounted an effort to get the commission reinstated.
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Investment broker's plea deal erases 20 felony counts

January 25, 2016
IBJ Staff
An Indianapolis man accused of multiple felony securities fraud counts has reached a plea agreement with the Marion County Prosecutor's Office.
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Justices again suspend Anderson attorney facing multiple theft counts

January 12, 2016
Dave Stafford
An Anderson lawyer suspended from the practice of law and accused of stealing from trust and estate clients sums that could total $500,000 has drawn another suspension order for failing to cooperate with three disciplinary investigations.
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Fraud claims against insurers wrongly dismissed

December 15, 2015
Dave Stafford
Plaintiffs who purchased cash-value life insurance policies for their employees and deducted those contributions on income taxes that were later disallowed were wrongly denied their day in court against the insurers.
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Veros investors out millions could recoup more than usual

November 25, 2015
Jared Council, IBJ Staff
The receiver appointed to recover investor losses from an alleged Ponzi scheme said he’s retrieved in five months about 20 percent of what investors were owed, a figure experts say is relatively high at this stage for such cases.
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Ernst & Young faulted for relying on Madoff’s word, audits

November 10, 2015
 Bloomberg News
Ernst & Young LLP erred by taking Bernie Madoff at his word when it signed off on audits of a fund that helped feed the biggest Ponzi scheme in U.S. history. The firm then stumbled by trusting the con man’s now-disgraced ex- accountant, a jury in the first trial of its kind was told.
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Anderson estate attorney's alleged thefts may top $500,000

November 4, 2015
Dave Stafford
Sarah Wilding wanted her church in Anderson to receive the bulk of her estate when she died in April 2012. The church is still waiting, and so are other beneficiaries who lost hundreds of thousands of dollars to a lawyer accused of plundering their estates.
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  1. For the record no one could answer the equal protection / substantive due process challenge I issued in the first post below. The lawless and accountable only to power bureaucrats never did either. All who interface with the Indiana law examiners or JLAP be warned.

  2. Hi there I really need help with getting my old divorce case back into court - I am still paying support on a 24 year old who has not been in school since age 16 - now living independent. My visitation with my 14 year old has never been modified; however, when convenient for her I can have him... I am paying past balance from over due support, yet earn several thousand dollars less. I would contact my original attorney but he basically molest me multiple times in Indy when I would visit.. Todd Woodmansee - I had just came out and had know idea what to do... I have heard he no longer practices. Please help1

  3. Yes diversity is so very important. With justice Rucker off ... the court is too white. Still too male. No Hispanic justice. No LGBT justice. And there are other checkboxes missing as well. This will not do. I say hold the seat until a physically handicapped Black Lesbian of Hispanic heritage and eastern religious creed with bipolar issues can be located. Perhaps an international search, with a preference for third world candidates, is indicated. A non English speaker would surely increase our diversity quotient!!!

  4. First, I want to thank Justice Rucker for his many years of public service, not just at the appellate court level for over 25 years, but also when he served the people of Lake County as a Deputy Prosecutor, City Attorney for Gary, IN, and in private practice in a smaller, highly diverse community with a history of serious economic challenges, ethnic tensions, and recently publicized but apparently long-standing environmental health risks to some of its poorest residents. Congratulations for having the dedication & courage to practice law in areas many in our state might have considered too dangerous or too poor at different points in time. It was also courageous to step into a prominent and highly visible position of public service & respect in the early 1990's, remaining in a position that left you open to state-wide public scrutiny (without any glitches) for over 25 years. Yes, Hoosiers of all backgrounds can take pride in your many years of public service. But people of color who watched your ascent to the highest levels of state government no doubt felt even more as you transcended some real & perhaps some perceived social, economic, academic and professional barriers. You were living proof that, with hard work, dedication & a spirit of public service, a person who shared their same skin tone or came from the same county they grew up in could achieve great success. At the same time, perhaps unknowingly, you helped fellow members of the judiciary, court staff, litigants and the public better understand that differences that are only skin-deep neither define nor limit a person's character, abilities or prospects in life. You also helped others appreciate that people of different races & backgrounds can live and work together peacefully & productively for the greater good of all. Those are truths that didn't have to be written down in court opinions. Anyone paying attention could see that truth lived out every day you devoted to public service. I believe you have been a "trailblazer" in Indiana's legal community and its judiciary. I also embrace your belief that society's needs can be better served when people in positions of governmental power reflect the many complexions of the population that they serve. Whether through greater understanding across the existing racial spectrum or through the removal of some real and some perceived color-based, hope-crushing barriers to life opportunities & success, movement toward a more reflective representation of the population being governed will lead to greater and uninterrupted respect for laws designed to protect all peoples' rights to life, liberty & the pursuit of happiness. Thanks again for a job well-done & for the inevitable positive impact your service has had - and will continue to have - on countless Hoosiers of all backgrounds & colors.

  5. Diversity is important, but with some limitations. For instance, diversity of experience is a great thing that can be very helpful in certain jobs or roles. Diversity of skin color is never important, ever, under any circumstance. To think that skin color changes one single thing about a person is patently racist and offensive. Likewise, diversity of values is useless. Some values are better than others. In the case of a supreme court justice, I actually think diversity is unimportant. The justices are not to impose their own beliefs on rulings, but need to apply the law to the facts in an objective manner.

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