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Maryland 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.
Conservation Easement is a legal agreement
A Conservation Easement is a legal agreement reached voluntarily between a landowner and a land trust that protects water quality, wildlife habitat, scenic vistas, agricultural productivity and other conservation values permanently restricts the use of property by current and future landowners keeps property in private hands. Donating some or all of the development rights to a qualified, tax-exempt organization like the Washtenaw Land Trust, and meeting other specific conditions, allows a landowner to be eligible for certain tax benefits.
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Definition:
You can set up a trust for your children, too. The terms of the trust can specify which of the children's expenses to pay and under what circumstances.
Secret Bank Accounts
Definition:
Infamous numbered and bearer Swiss bank accounts. Switzerland has come under much scrutiny through scandals relating to money laundering and holding assets
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.
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