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In March 2015, a lawsuit (Kalan et al. v. Farmers and Merchants Trust Company of Chambersburg, et al. (Case No. 2:15-CV-01435-WB)) was filed against F&M Trust, the banking subsidiary of Franklin Financial Services Corporation, as successor in interest to Community Trust Company, and several other Defendants in the United States District Court for the Eastern District of Pennsylvania. This lawsuit was brought as a class action. The named putative class representatives are participants, fiduciaries, or owner/employees of employee health and welfare benefit plans or sponsoring employers of such plans, whose assets are held by trusts known as the Regional Employers Assurance League Voluntary Employees’ Beneficiary Association (“REAL VEBA”) and the Single Employer Welfare Benefit Plan (“SEWBP”). The putative class includes all participants and beneficiaries of benefit plans, and the benefit plans themselves, whose assets are held by the REAL VEBA and the SEWBP trusts. The Defendants are fiduciaries, co-fiduciaries, or recipients of commissions or other monies from the REAL VEBA and SEWBP trusts. F&M Trust, as successor to Community Trust Company, which F&M Trust acquired by merger in November, 2008, and in its own capacity, is alleged to have served as the trustee of the REAL VEBA and SEWBP trusts from 2002 until January 15, 2010, when F&M Trust was discharged from its role as trustee pursuant to the court’s order in the case of Perez v. John J. Koresko, IV. et. al., Case No. 2:09-cv-00988, in the United States District Court for the Eastern District of Pennsylvania (the “Perez Action”).
Plaintiffs allege that between 2004 and the end of 2013, John Koresko and affiliated individuals in the course of operating multiple-employer welfare arrangements known as REAL VEBA and SEWBP, converted and misused assets of the trusts in an amount in excess of $35 million, as set forth more fully in the Perez Action. The Court, however, entered judgment against the Koresko defendants in the Perez Action in the amount of approximately $19 million, the shortfall in trust assets as found by the Court. Plaintiffs allege that the Defendants are either co-fiduciaries who failed to take appropriate steps to prevent the conversions, co-fiduciaries or parties-in-interest who improperly benefited from transactions involving the trusts, recipients of the improperly spent funds, or parties who otherwise knowingly participated in such breaches. As to F&M Trust, Plaintiffs allege that the F&M Trust failed to perform its fiduciary duties in accordance with the prudent man standard of care, knowingly participated in and facilitated misconduct by its co-fiduciaries, and failed to take reasonable steps to prevent or remedy any fiduciary breaches of co-fiduciaries. Plaintiffs purport to state claims against F&M Trust under the Employee Retirement Income Security Act (ERISA) and common law.
Real veba john koresko attacked by court and IRS Real veba john koresko attacked by court and IRS Posted by Robert Sherman at 9/12/2016 12:45:00 PM Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest
Lance WallachJune 13, 2016 at 6:58 AM Law firm sued for representing alleged embezzlers Michelle Lovrine Honeyager Dec. 16, 2014, 10:23am
A class-action lawsuit was filed against Montgomery McCracken Walker & Rhodes, LLP (MMWR) on Dec. 9 over claims that the law firm represented alleged trust fund embezzlers.
The plaintiffs include: Dr. Harvey Kalan, the Harvey Kalan, M.D., Inc. Employee Welfare Benefit Plan, Dr. Pamela K. Erdman, the Dr. Pamela K. Erdman, M.D., Inc. Employee Welfare Benefit Plan, Gretchen Castellano, Drs. Martin and Elisa Zenni, and the M&E Zenni, Inc. Welfare Benefit Plan.
John Koresko retained MMWR to represent him in multiple lawsuits pertaining to his operation of a employer welfare arrangement, REAL VEBA. Koresko and his companies were converting assets held by the REAL VEBA Trust and the Single Employer Welfare Benefit Plan Trust (SEWBPT). The trusts were meant to hold assets for the participants and their beneficiaries.
Within days of MMWR agreeing to represent Koresko, the United State District Court for the Eastern District of Pennsylvania entered a partial summary judgment against Koresko, Jeanne Bonney and PennMont Benefit Services, Inc., ruling that they had transferred trust assets to non-trust accounts. MMWR did not withdraw its appearance on behalf of any of the parties and did not stop representing Koresko, his alleged co-conspirators or his companies.
MMWR allegedly billed and accepted payments of $1.4 million from the trusts for the representation of Koresko and his alleged co-conspirators.
The lawsuit was brought under the Employee Retirement Income Security Act of 1974 and seeks reimbursement of all fees received by MMWR to the trusts.
Reply
Lance WallachDecember 23, 2016 at 11:29 AM veba audits Published on December 22, 2016 Likeveba audits1Comment1ShareShare veba audits1 Lance Wallach Lance Wallach Business Owner at National Offices of Lance Wallach Sea Nine Veba
Recently I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months.
Lance Wallach" "Sterling Benefit Plan" "Millennium Plan" "Millennium Trust" "419 welfare benefit plan" "41 books including Protecting Clients from Fraud, Incompetence, and Scams published by John Wiley and Sons, Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com, or visit www.taxadvisorexperts.org
real veba john koresko sued Published on January 28, 2016 Likereal veba john koresko sued3Comment5ShareShare real veba john koresko sued7 Lance Wallach Lance Wallach Managing Director at VEBA LLC. The suit says tax attorney John Koresko retained MMWR to represent him in multiple lawsuits pertaining to his operation of a employer welfare arrangement, REAL VEBA. Koresko and his companies were converting assets held by the REAL VEBA Trust and the Single Employer Welfare Benefit Plan Trust (SEWBPT), the suit claims.
The trusts were allegedly meant to hold assets for the participants and their beneficiaries.
Within days of MMWR agreeing to represent Koresko, the U.S. District Court for the Eastern District of Pennsylvania entered a partial summary judgment against Koresko, Jeanne Bonney and PennMont Benefit Services, Inc., ruling that they had transferred trust assets to non-trust accounts.
MMWR did not withdraw its appearance on behalf of any of the parties and did not stop representing Koresko, his alleged co-conspirators or his companies.
MMWR allegedly billed and accepted payments of $1.4 million from the trusts for the representation of Koresko and his alleged co-conspirators.
Likereal veba john koresko suedCommentShareShare real veba john koresko sued
Plaintiffs allege that between 2004 and the end of 2013, John Koresko and affiliated individuals in the course of operating multiple-employer welfare arrangements known as REAL VEBA and SEWBP, converted and misused assets of the trusts in an amount in excess of $35 million, as set forth more fully in the Perez Action. The Court, however, entered judgment against the Koresko defendants in the Perez Action in the amount of approximately $19 million, the shortfall in trust assets as found by the Court. Plaintiffs allege that the Defendants are either co-fiduciaries who failed to take appropriate steps to prevent the conversions, co-fiduciaries or parties-in-interest who improperly benefited from transactions involving the trusts, recipients of the improperly spent funds, or parties who otherwise knowingly participated in such breaches. As to F&M Trust, Plaintiffs allege that the F&M Trust failed to perform its fiduciary duties in accordance with the prudent man standard of care, knowingly participated in and facilitated misconduct by its co-fiduciaries, and failed to take reasonable steps to prevent or remedy any fiduciary breaches of co-fiduciaries. Plaintiffs purport to state claims against F&M Trust under the Employee Retirement Income Security Act (ERISA) and common law.
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ReplyDeleteIn March 2015, a lawsuit (Kalan et al. v. Farmers and Merchants Trust Company of Chambersburg, et al. (Case No. 2:15-CV-01435-WB)) was filed against F&M Trust, the banking subsidiary of Franklin Financial Services Corporation, as successor in interest to Community Trust Company, and several other Defendants in the United States District Court for the Eastern District of Pennsylvania. This lawsuit was brought as a class action. The named putative class representatives are participants, fiduciaries, or owner/employees of employee health and welfare benefit plans or sponsoring employers of such plans, whose assets are held by trusts known as the Regional Employers Assurance League Voluntary Employees’ Beneficiary Association (“REAL VEBA”) and the Single Employer Welfare Benefit Plan (“SEWBP”). The putative class includes all participants and beneficiaries of benefit plans, and the benefit plans themselves, whose assets are held by the REAL VEBA and the SEWBP trusts. The Defendants are fiduciaries, co-fiduciaries, or recipients of commissions or other monies from the REAL VEBA and SEWBP trusts. F&M Trust, as successor to Community Trust Company, which F&M Trust acquired by merger in November, 2008, and in its own capacity, is alleged to have served as the trustee of the REAL VEBA and SEWBP trusts from 2002 until January 15, 2010, when F&M Trust was discharged from its role as trustee pursuant to the court’s order in the case of Perez v. John J. Koresko, IV. et. al., Case No. 2:09-cv-00988, in the United States District Court for the Eastern District of Pennsylvania (the “Perez Action”).
Plaintiffs allege that between 2004 and the end of 2013, John Koresko and affiliated individuals in the course of operating multiple-employer welfare arrangements known as REAL VEBA and SEWBP, converted and misused assets of the trusts in an amount in excess of $35 million, as set forth more fully in the Perez Action. The Court, however, entered judgment against the Koresko defendants in the Perez Action in the amount of approximately $19 million, the shortfall in trust assets as found by the Court. Plaintiffs allege that the Defendants are either co-fiduciaries who failed to take appropriate steps to prevent the conversions, co-fiduciaries or parties-in-interest who improperly benefited from transactions involving the trusts, recipients of the improperly spent funds, or parties who otherwise knowingly participated in such breaches. As to F&M Trust, Plaintiffs allege that the F&M Trust failed to perform its fiduciary duties in accordance with the prudent man standard of care, knowingly participated in and facilitated misconduct by its co-fiduciaries, and failed to take reasonable steps to prevent or remedy any fiduciary breaches of co-fiduciaries. Plaintiffs purport to state claims against F&M Trust under the Employee Retirement Income Security Act (ERISA) and common law.
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Real veba john koresko attacked by court and IRS
Real veba john koresko attacked by court and IRS
Posted by Robert Sherman at 9/12/2016 12:45:00 PM
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2 comments:
Lance WallachJune 13, 2016 at 6:58 AM
Law firm sued for representing alleged embezzlers
Michelle Lovrine Honeyager Dec. 16, 2014, 10:23am
A class-action lawsuit was filed against Montgomery McCracken Walker & Rhodes, LLP (MMWR) on Dec. 9 over claims that the law firm represented alleged trust fund embezzlers.
The plaintiffs include: Dr. Harvey Kalan, the Harvey Kalan, M.D., Inc. Employee Welfare Benefit Plan, Dr. Pamela K. Erdman, the Dr. Pamela K. Erdman, M.D., Inc. Employee Welfare Benefit Plan, Gretchen Castellano, Drs. Martin and Elisa Zenni, and the M&E Zenni, Inc. Welfare Benefit Plan.
John Koresko retained MMWR to represent him in multiple lawsuits pertaining to his operation of a employer welfare arrangement, REAL VEBA. Koresko and his companies were converting assets held by the REAL VEBA Trust and the Single Employer Welfare Benefit Plan Trust (SEWBPT). The trusts were meant to hold assets for the participants and their beneficiaries.
Within days of MMWR agreeing to represent Koresko, the United State District Court for the Eastern District of Pennsylvania entered a partial summary judgment against Koresko, Jeanne Bonney and PennMont Benefit Services, Inc., ruling that they had transferred trust assets to non-trust accounts. MMWR did not withdraw its appearance on behalf of any of the parties and did not stop representing Koresko, his alleged co-conspirators or his companies.
MMWR allegedly billed and accepted payments of $1.4 million from the trusts for the representation of Koresko and his alleged co-conspirators.
The lawsuit was brought under the Employee Retirement Income Security Act of 1974 and seeks reimbursement of all fees received by MMWR to the trusts.
Reply
Lance WallachDecember 23, 2016 at 11:29 AM
veba audits
Published on December 22, 2016
Likeveba audits1Comment1ShareShare veba audits1
Lance Wallach
Lance Wallach
Business Owner at National Offices of Lance Wallach
Sea Nine Veba
Recently I have received phone calls from participants in the Sea Nine VEBA and have learned that the IRS may be auditing many more participating employers in the coming months.
Lance Wallach" "Sterling Benefit Plan" "Millennium Plan" "Millennium Trust" "419 welfare
ReplyDeletebenefit plan" "41
books including Protecting Clients from Fraud, Incompetence, and Scams published by John
Wiley and Sons, Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift
Taxation, as well as AICPA best-selling books, including Avoiding Circular 230 Malpractice
Traps and Common Abusive Small Business Hot Spots. He does expert witness testimony and
has never lost a case. Contact him at 516.938.5007, wallachinc@gmail.com, or visit
www.taxadvisorexperts.org
real veba john koresko sued
ReplyDeletePublished on January 28, 2016
Likereal veba john koresko sued3Comment5ShareShare real veba john koresko sued7
Lance Wallach
Lance Wallach
Managing Director at VEBA LLC.
The suit says tax attorney John Koresko retained MMWR to represent him in multiple lawsuits pertaining to his operation of a employer welfare arrangement, REAL VEBA. Koresko and his companies were converting assets held by the REAL VEBA Trust and the Single Employer Welfare Benefit Plan Trust (SEWBPT), the suit claims.
The trusts were allegedly meant to hold assets for the participants and their beneficiaries.
Within days of MMWR agreeing to represent Koresko, the U.S. District Court for the Eastern District of Pennsylvania entered a partial summary judgment against Koresko, Jeanne Bonney and PennMont Benefit Services, Inc., ruling that they had transferred trust assets to non-trust accounts.
MMWR did not withdraw its appearance on behalf of any of the parties and did not stop representing Koresko, his alleged co-conspirators or his companies.
MMWR allegedly billed and accepted payments of $1.4 million from the trusts for the representation of Koresko and his alleged co-conspirators.
Likereal veba john koresko suedCommentShareShare real veba john koresko sued
VEBA john koresko, get your money back from John Hancock and other insurance cos that sold veba scams
ReplyDeletePlaintiffs allege that between 2004 and the end of 2013, John Koresko and affiliated individuals in the course of operating multiple-employer welfare arrangements known as REAL VEBA and SEWBP, converted and misused assets of the trusts in an amount in excess of $35 million, as set forth more fully in the Perez Action. The Court, however, entered judgment against the Koresko defendants in the Perez Action in the amount of approximately $19 million, the shortfall in trust assets as found by the Court. Plaintiffs allege that the Defendants are either co-fiduciaries who failed to take appropriate steps to prevent the conversions, co-fiduciaries or parties-in-interest who improperly benefited from transactions involving the trusts, recipients of the improperly spent funds, or parties who otherwise knowingly participated in such breaches. As to F&M Trust, Plaintiffs allege that the F&M Trust failed to perform its fiduciary duties in accordance with the prudent man standard of care, knowingly participated in and facilitated misconduct by its co-fiduciaries, and failed to take reasonable steps to prevent or remedy any fiduciary breaches of co-fiduciaries. Plaintiffs purport to state claims against F&M Trust under the Employee Retirement Income Security Act (ERISA) and common law.
ReplyDelete