Professional Fiduciary, Teresa Laggner sentenced to jail!

The Associated Press

Posted: 09/20/2011 08:35:14 AM PDT

SAN DIEGO—A woman appointed by a San Diego probate court to oversee estates and conservatorships has been sentenced to 18 months in prison for stealing some of those funds to support a gambling addiction.

The San Diego Union Tribune (http://bit.ly/oJhhta) reports private fiduciary Teresa Laggner was sentenced Monday. Laggner pleaded guilty earlier this year to wire fraud and money laundering.

Federal prosecutors say Laggner drained hundreds of thousands of dollars from client trust accounts. Laggner used the money to feed a gambling habit that ate up more than $1 million in losses over the past four years.

Laggner was given the authority to open bank accounts for the trust assets under her management. She was overseeing $20 million in assets last year.

 

Comments

[Skip Phillips]

As the only trust that actually caught Teresa Laggner mismanaging funds, what is reprehensible is not what she was convicted of, but what she got with. In our case she "double dipped" the trust by creating a management role within the corporation she was already paid a percentage to manage. The business was not making a profit, due primarily to the layers of consultants and attorneys paid by the corporation, as well as she had no experience in managing any business.

The expert witness hired for her defense stated she didn't charge enough, essentially meaning the trust's solvency was secondary to the trustee's income stream. As an F.Y.I., he is still managing trusts. The bottom line is, the $600,000.00 she got away with in additional management "fees" in the criminal case, is business as usual in the fiduciary system. If you think you can leave your assets for protection by the system, with the beneficiaries protected, think again. We'd be better off letting minor children spend their money on Beanie Babies and candy, than let these leeches drain the estate dry.

[Mina Sirkin]

Blog comments are unmonitored. Blogger is not responsible for the contents or opinions of any individual commenting on the posts herein. If you have any questions about the veracity of any comment to a post, please contact the person commenting on the post.

[Mina Sirkin]

Any person wishing to post a reply to a comment, may do so at his or her own discretion.

[Florida Probate FAQ]

After committing such a henious crime, Teresa Laggner should definitely be put behind the bars.....

[nicole]

See, its good to finally see somebody applying some reasonable logic to this.  Thanks.

[motorcycle accident lawyer]

Sadly, in most cases of financial elder abuse, the abuser is someone the elderly person or their family trusted. Like Ms. Laggner, they may be a caretaker, family member, friend, attorney, stockbroker, or any other person who gains access to the elder’s assets, or who persuades the elder to make an improper investment or take out an unsuitable mortgage.