Violation of Fiduciary Trust


#1

Dear Pamkelly:

Greetings. Did you place language in the separation agreement or court order dealing with this? Thank you.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

ROSENDIVORCE.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#2

Yes Counselor Fritts,
There was language in the consent order requiring that he complete the appropriate forms to have information periodically sent to me directly from the mutual fund company, on the status of the accounts.
He never completed the forms, and began to send me his copies instead.
Then he stopped altogether.

quote:
Originally posted by Pamkelly
Dear Counselor, In 1991 I invested $5000 in mutual funds for each of two children. I was married at the time, had a level of trust in my ex-husband and established him as custodian. We divorced in 1994. It was written in the agreement that he was to complete a form to have statements on the account regularly sent to me, so I allowed him to remain custodian. He never completed the form and I did not have money to take him back to court. He sporadically sent copies of the status of the accounts up until 1998,when the accounts were valued at $17,000+ each. Then he stopped sending information and became non-communicative and hostile. In 2003,after I insisted he give me information on the accounts, he did so. Each account,after 12 years, was now worth $4600. I demanded he liquidate the mutual funds and put the money in savings bonds and send them to me. He has refused to do this and refused to send historical information on the accounts from 1998 - 2003. I want him to pay for the loss in value due to deliberate mishandling of the money. Can this be done?

#3

Dear Pamkelly:

Greetings. Immediate action is necessary here. First, I would file a motion to show cause and a request for a preliminary injunction and temporary restraining order on any of his other accounts. I would also subpoena the documents to the hearing. Finally, after the picture is clearer, I would have the hearing on the Motion to Show Cause. Thank you.

Janet L. Fritts
Attorney with Rosen Divorce
4101 Lake Boone Trail, Suite 500
Raleigh, North Carolina 27607
919.787.6668 main phone
919.256.1665 direct fax

10925 David Taylor Drive, Suite 100
Charlotte, North Carolina 28262
704.644.2831 main voice
704.307.4595 main fax

ROSENDIVORCE.COM

The response posted above is based upon the limited factual information made available and is not intended as a full and complete response to the question. The only reliable manner to obtain complete and adequate legal advice is to consult with an attorney, fully explain your situation, and allow the attorney sufficient opportunity to research the applicable law and facts required to render an accurate opinion. The basic information provided above is intended as a public service but a full discussion with an attorney should be undertaken before taking any action.


#4

Dear Counselor,
In 1991 I invested $5000 in mutual funds for each of two children.
I was married at the time, had a level of trust in my ex-husband and established him as custodian. We divorced in 1994. It was written in the agreement that he was to complete a form to have statements on the account regularly sent to me, so I allowed him to remain custodian. He never completed the form and I did not have money to take him back to court. He sporadically sent copies of the status of the accounts up until 1998,when the accounts were valued at $17,000+ each. Then he stopped sending information and became non-communicative and hostile. In 2003,after I insisted he give me information on the accounts, he did so. Each account,after 12 years, was now worth $4600. I demanded he liquidate the mutual funds and put the money in savings bonds and send them to me. He has refused to do this and refused to send historical information on the accounts from 1998 - 2003. I want him to pay for the loss in value due to deliberate mishandling of the money. Can this be done?