REAL VEBA sue the ins co and get all your money back fight IRS Edit article Published on July 14, 2017 LikedUnlikeREAL VEBA sue the ins co and get all your money back fight IRS1Comment0ShareShare REAL VEBA sue the ins co and get all your money back fight IRS1 Lance Wallach Lance Wallach Business Owner at National Offices of Lance Wallach Disbarred Montco lawyer arrested for failing to comply with court order
May 17, 2016, 12:41pm EDT
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A disbarred Montgomery County lawyer was taken into custody for failing to comply with a federal judge’s order in an employee benefit plan diversion scheme case.
John J. Koresko V of Bridgeport, Pa., a former employee benefit plan administrator, has been embroiled in a legal battle over a court order against him for allegedly diverting employee retirement plan assets for personal use.
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A disbarred Montgomery County lawyer was taken into custody for failing to comply with a… more
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The U.S. Department of Labor said Tuesday that Koresko failed to transfer $1.68 million in assets in contempt of an earlier court order in a case involving violations of the Employee Retirement Income Security Act. So federal marshals took him into custody on May 6.
In February 2015, the trial court awarded nearly $40 million to more than 400 death benefit plans across the country. The award resolved a 2009 Labor Department lawsuit that followed an investigation by the Employee Benefits Security Administration that found Koresko and other defendants diverted tens of millions of dollars in plan assets through more than 21 accounts using more than 18 different entities at more than eight different banks.
Spanning more than 12 years, federal officials said the scheme saw assets from the plans’ trusts used for real estate purchases in South Carolina and the Caribbean island of Nevis, to pay outside attorneys, lobbying expenses, operational expenses of Penn-Mont Benefit Services, and Koresko’s law firms, and for Koresko’s personal expenses, such as boat rentals and utilities.
Ukrainian hacker pleads guilty to $30M insider trading scheme Prior to the February 2015 judgment, the trial court ordered Koresko to transfer to the court-appointed independent fiduciary $1.68 million in assets he had taken from the Regional Employers Assurance Leagues Voluntary Employees’ Beneficiary Association and the Single Employer Welfare Benefit Plan Trusts. The court also ordered him to transfer the title of ownership to real estate in Nevis that Koresko purchased using trust assets.
The Labor Department said he failed to comply. That led to a federal judge finding Koresko in contempt of court and ordering him to surrender to the Office of the U.S. Marshal and remain incarcerated until he complies. When Koresko did not surrender, a bench warrant was issued for his arrest. A status hearing has been scheduled for Wednesday.
Koresko's lawyer, Lawrence McMichael of Dilworth Paxson, could not be immediately reached for comment.
Koresko was disbarred by the Pennsylvania Supreme Court last Septemberfollowing a lengthy report detailing a string of abusive litigation tactics he pursued after he was accused of deliberately hiding a lien on a property he sold to a co-worker of his ex-wife.
REAL VEBA sue the ins co and get all your money back fight IRS
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Published on July 14, 2017
LikedUnlikeREAL VEBA sue the ins co and get all your money back fight IRS1Comment0ShareShare REAL VEBA sue the ins co and get all your money back fight IRS1
Lance Wallach
Lance Wallach
Business Owner at National Offices of Lance Wallach
Disbarred Montco lawyer arrested for failing to comply with court order
May 17, 2016, 12:41pm EDT
INDUSTRIES & TAGS Professional Services, Career & Workplace
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Jeff Blumenthal
Reporter
Philadelphia Business Journal
A disbarred Montgomery County lawyer was taken into custody for failing to comply with a federal judge’s order in an employee benefit plan diversion scheme case.
John J. Koresko V of Bridgeport, Pa., a former employee benefit plan administrator, has been embroiled in a legal battle over a court order against him for allegedly diverting employee retirement plan assets for personal use.
Enlarge
A disbarred Montgomery County lawyer was taken into custody for failing to comply with a… more
KUZMA
The U.S. Department of Labor said Tuesday that Koresko failed to transfer $1.68 million in assets in contempt of an earlier court order in a case involving violations of the Employee Retirement Income Security Act. So federal marshals took him into custody on May 6.
In February 2015, the trial court awarded nearly $40 million to more than 400 death benefit plans across the country. The award resolved a 2009 Labor Department lawsuit that followed an investigation by the Employee Benefits Security Administration that found Koresko and other defendants diverted tens of millions of dollars in plan assets through more than 21 accounts using more than 18 different entities at more than eight different banks.
Spanning more than 12 years, federal officials said the scheme saw assets from the plans’ trusts used for real estate purchases in South Carolina and the Caribbean island of Nevis, to pay outside attorneys, lobbying expenses, operational expenses of Penn-Mont Benefit Services, and Koresko’s law firms, and for Koresko’s personal expenses, such as boat rentals and utilities.
Ukrainian hacker pleads guilty to $30M insider trading scheme
Prior to the February 2015 judgment, the trial court ordered Koresko to transfer to the court-appointed independent fiduciary $1.68 million in assets he had taken from the Regional Employers Assurance Leagues Voluntary Employees’ Beneficiary Association and the Single Employer Welfare Benefit Plan Trusts. The court also ordered him to transfer the title of ownership to real estate in Nevis that Koresko purchased using trust assets.
The Labor Department said he failed to comply. That led to a federal judge finding Koresko in contempt of court and ordering him to surrender to the Office of the U.S. Marshal and remain incarcerated until he complies. When Koresko did not surrender, a bench warrant was issued for his arrest. A status hearing has been scheduled for Wednesday.
Koresko's lawyer, Lawrence McMichael of Dilworth Paxson, could not be immediately reached for comment.
Koresko was disbarred by the Pennsylvania Supreme Court last Septemberfollowing a lengthy report detailing a string of abusive litigation tactics he pursued after he was accused of deliberately hiding a lien on a property he sold to a co-worker of his ex-wife.