Stacey Arenas Stacey Arenas Assistant Managing Director, Marketing Manager at Vebaplan LLC Edit postView stats Real veba john koresko attacked by court and IRSgional Office of the Solicitor. Employers and workers can reach EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with problems relating to private-sector retirement and health plans. In FY 2014, EBSA recovered $599.7 million for direct payment to employee benefit plans, participants and beneficiaries. Additional information can be found at www.dol.gov/ebsa. Perez v. Koresko, et. al Civil Action No.: 2:09-cv-00988-MAM Stacey Arenas Stacey Arenas AUTHOR YOU Assistant Managing Director, Marketing Manager at Vebaplan LLC UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _____________ No. 12-3234 _____________ MELISSA LANGLAIS; REBECCA EDMUNDSON; ROB PERITZ; RACHEL MARTONE; JAIME FARREL; KATRINA KNIEST; GEORGE MCLAIN v. PENNMONT BENEFIT SERVICES, INC.; JOHN J. KORESKO, V; THE KORESKO LAW FIRM, P.C.; REGIONAL EMPLOYERS ASSURANCE LEAGUES VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION TRUST; SINGLE EMPLOYER WELFARE BENEFIT PLAN TRUST; PENN PUBLIC TRUST; REAL VEBA TRUST,
Stacey Arenas Stacey Arenas Assistant Managing Director, Marketing Manager at Vebaplan LLC Edit postView stats Real veba john koresko attacked by court and IRSgional Office of the Solicitor. Employers and workers can reach EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with problems relating to private-sector retirement and health plans. In FY 2014, EBSA recovered $599.7 million for direct payment to employee benefit plans, participants and beneficiaries. Additional information can be found at www.dol.gov/ebsa. Perez v. Koresko, et. al Civil Action No.: 2:09-cv-00988-MAM Stacey Arenas Stacey Arenas AUTHOR YOU Assistant Managing Director, Marketing Manager at Vebaplan LLC UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _____________ No. 12-3234 _____________ MELISSA LANGLAIS; REBECCA EDMUNDSON; ROB PERITZ; RACHEL MARTONE; JAIME FARREL; KATRINA KNIEST; GEORGE MCLAIN v. PENNMONT BENEFIT SERVICES, INC.; JOHN J. KORESKO, V; THE KORESKO LAW FIRM, P.C.; REGIONAL EMPLOYERS ASSURANCE LEAGUES VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION TRUST; SINGLE EMPLOYER WELFARE BENEFIT PLAN TRUST; PENN PUBLIC TRUST; REAL VEBA TRUST,
Equitable considerations result in denial of prejudgment interest to successful counterclaim plaintiff. Regional Employers' Assurance Leagues Voluntary Employees' Beneficiary Association Trust v. Gretchen Hutto Castellano, No. CV 03-6903, 2016 WL 540817 (E.D. Pa. Feb. 10, 2016) (Judge Elizabeth T. Hey). Following a twelve-year court battle, a court awarded the Counterclaim Plaintiff Castellano summary judgment on her claim for VEBA life insurance benefits, which totaled $750,000. Castellano then moved for prejudgment interest on that amount. The court denied the motion. Based on the court's review of caselaw from the Third Circuit, it found that although there is a presumption in favor of an award of prejudgment interest to fully compensate an aggrieved party in the ERISA context, equitable considerations can overcome that presumption. In this case, the court was moved by the economic reality that other Trust beneficiaries will bear the cost of every dollar that is given to Castellano in prejudgment interest. Specifically, other victims of the "Koresko scheme" will not be in the same position to recover benefits as a result of a shortfall of over $19 million due to the malfeasance of the Koresko Entities. The court concluded that the equities weigh heavily against an award of prejudgment interest and it exercised its discretion to deny such award. However, in a separate opinion, 2016 WL 540794, the court did award attorneys' fees in the amount of $567,400.26 to be paid from the funds in the SEWBPT and REAL VEBA Trust, to be restored by the Koresko Defendants.
Equitable considerations result in denial of prejudgment interest to successful counterclaim plaintiff. Regional Employers' Assurance Leagues Voluntary Employees' Beneficiary Association Trust v. Gretchen Hutto Castellano, No. CV 03-6903, 2016 WL 540817 (E.D. Pa. Feb. 10, 2016) (Judge Elizabeth T. Hey). Following a twelve-year court battle, a court awarded the Counterclaim Plaintiff Castellano summary judgment on her claim for VEBA life insurance benefits, which totaled $750,000. Castellano then moved for prejudgment interest on that amount. The court denied the motion. Based on the court's review of caselaw from the Third Circuit, it found that although there is a presumption in favor of an award of prejudgment interest to fully compensate an aggrieved party in the ERISA context, equitable considerations can overcome that presumption. In this case, the court was moved by the economic reality that other Trust beneficiaries will bear the cost of every dollar that is given to Castellano in prejudgment interest. Specifically, other victims of the "Koresko scheme" will not be in the same position to recover benefits as a result of a shortfall of over $19 million due to the malfeasance of the Koresko Entities. The court concluded that the equities weigh heavily against an award of prejudgment interest and it exercised its discretion to deny such award. However, in a separate opinion, 2016 WL 540794, the court did award attorneys' fees in the amount of $567,400.26 to be paid from the funds in the SEWBPT and REAL VEBA Trust, to be restored by the Koresko Defendants.
Participants in Sea Nine VEBA plans are at risk of IRS audits and lawsuits. Contact expert Lance Wallach today for advice. Lance Wallach, Expert Witness SEA NINE VEBA COMPANY Speaker of the Year and member of the AICPA faculty of teaching professionals Frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters Writes about 412(i), 419, and captive insurance plans Speaks at more than ten conventions annually Writes for more than fifty publications Quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others Author of Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons Author of Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation Author of AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots Authored numerous articles in professional publications aimed at accountants, attorneys and tax advisors
Participants in Sea Nine VEBA plans are at risk of IRS audits and lawsuits. Contact expert Lance Wallach today for advice. Lance Wallach, Expert Witness SEA NINE VEBA COMPANY Speaker of the Year and member of the AICPA faculty of teaching professionals Frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters Writes about 412(i), 419, and captive insurance plans Speaks at more than ten conventions annually Writes for more than fifty publications Quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others Author of Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons Author of Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation Author of AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots Authored numerous articles in professional publications aimed at accountants, attorneys and tax advisors
OFFICE OF DISCIPLINARY COUNSEL, Petitioner v. JOHN J. KORESKO, V., Respondent No. 2175 Disciplinary Docket No. 3 No. 119 DB 2013 Attorney Registration No. 42795 (Montgomery County) ORDER PER CURIAM: . AND NOW, this 41 h day of September, 2015, no response having been filed to a Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E. 208(g).
OFFICE OF DISCIPLINARY COUNSEL, Petitioner v. JOHN J. KORESKO, V., Respondent No. 2175 Disciplinary Docket No. 3 No. 119 DB 2013 Attorney Registration No. 42795 (Montgomery County) ORDER PER CURIAM: . AND NOW, this 41 h day of September, 2015, no response having been filed to a Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E. 208(g).
OFFICE OF DISCIPLINARY COUNSEL, Petitioner v. JOHN J. KORESKO, V., Respondent No. 2175 Disciplinary Docket No. 3 No. 119 DB 2013 Attorney Registration No. 42795 (Montgomery County) ORDER PER CURIAM: . AND NOW, this 41 h day of September, 2015, no response having been filed to a Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E. 208(g).
OFFICE OF DISCIPLINARY COUNSEL, Petitioner v. JOHN J. KORESKO, V., Respondent No. 2175 Disciplinary Docket No. 3 No. 119 DB 2013 Attorney Registration No. 42795 (Montgomery County) ORDER PER CURIAM: . AND NOW, this 41 h day of September, 2015, no response having been filed to a Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E. 208(g).
VEBA REAL VEBA john koresko get all your money back from insurance company and IRS 2344 views, 34 likes Edit article Published on July 14, 2017 LikedUnlikeVEBA REAL VEBA john koresko get all your money back from insurance company and IRS 2344 views, 34 likes1Comment0ShareShare VEBA REAL VEBA john koresko get all your money back from insurance company and IRS 2344 views, 34 likes0 Lance Wallach Lance Wallach Business Owner at National Offices of Lance Wallach Disbarred Atty Jailed For Failing to Pay Up In ERISA Order
By Dan Packel
Law360, Philadelphia (May 17, 2016, 3:33 PM EDT) -- A disbarred Pennsylvania attorney has been jailed for failing to comply with a court order to turn over nearly $1.7 million in assets that he pilfered from several employee benefit schemes, the U.S. Department of Labor announced Tuesday.
John Koresko, who maintained a law practice in the suburban Philadelphia town of Bridgeport, was arrested on May 6, having been found in contempt of an earlier court order in a case involving violations of the Employee Retirement Income Security Act.
The arrest stems from a February 2015 ruling that found Koresko, Koresko Law Firm PC and his companies, Penn-Mont Benefit Services Inc. and Penn Public Trust, were jointly and severally liable for returning $38.4 million to more than 400 benefit plans nationwide. The award resolved a 2009 DOL lawsuit that followed an investigation by the Employee Benefits Security Administration, which found Koresko and others diverted tens of millions of dollars in plan assets through more than 20 accounts using more than 18 different entities at more than eight different banks.
U.S. District Judge Mary A. McLaughlin said Koresko perpetrated the scheme by establishing a set of interrelated companies and then creating an arrangement that allowed owner-employees of businesses to purchase cash value life insurance and deduct premiums as business expenses.
Assets went from the plans' trusts towards real estate purchases in South Carolina and the Caribbean island of Nevis, and the money was also used to pay outside attorneys, lobbying expenses, operational expenses for Koresko's companies, and for Koresko's personal expenses, including boat rentals and utilities.
But even before the 2015 judgment, the court ordered Koresko to transfer $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 to a court-appointed independent fiduciary.
According to the DOL, Koresko failed to comply, by instead transferring the money to another bank account under his control. He also failed to meet an obligation to transfer the title of the real estate he purchased in Nevis, as ordered by the court.
U.S. District Court Judge Wendy Beetlestone found Koresko in contempt of court orders on April 26 and ordered him to surrender to the Office of the U.S. Marshal and remain incarcerated until he complies. He did not surrender, prompting the court to issue a bench warrant for his arrest. He is due in court for a status hearing on Wednesday.
The DOL’s suit against Koresko prompted a separate lawsuit against his attorneys at Montgomery McCracken Walker & Rhoads LLP, who were accused of billing the two trusts for his defense. The firm agreed to pay $980,000 to end the lawsuit last month.
An attorney for Koresko did not immediately respond to a request for comment Tuesday.
The DOL is represented in-house by Andrea J. Appel, Linda M. Henry, Ashton S. Phillips and Joanne Roskey.
Koresko is represented by Lawrence G. McMichael of Dilworth Paxson LLP.
The case is Solis v. Koresko et al., case number 2:09-cv-00988, in the U.S. District Court for the Eastern District of Pennsylvania.
3rd Circuit Affirms Judgment In Enforcement Action Against Fiduciary
(April 12, 2016, 10:44 AM EDT) -- PHILADELPHIA — A Pennsylvania federal judge did not err in imposing liability on an individual fiduciary for breaching his duties under the Employee Retirement Income Security Act or in denying the fiduciary his request for a new trial, the Third Circuit U.S. Court of Appeals ruled April 5 (Secretary United States Department of Labor v. John J. Koresko V, Nos. 15-2470, -3141, 3rd Cir.; 2016 U.S. App. LEXIS 6227). (Decision available. Document #54-160413-101Z.)
In so concluding, the appellate panel of Circuit Judges Michael A. Chagares, Franklin S. Van Antwerpen and L. Felipe Restrepo rejected various positions advanced by defendant John J. Koresko V, including that although employer-plan participants may be beneficiaries under the terms of a trust, the employer-level plans themselves are distinct from plan participants and have no interest, beneficial or otherwise, in the trust.
Bench Trial
According to the ruling, Koresko — together with his brother Lawrence Koresko — offered employee welfare benefit plans, including death benefits, to an unincorporated association of unrelated employers known as the “Regional Employers Assurance Leagues” (‘REAL’ or ‘League’) through the REAL Voluntary Employees’
Never trust someone who takes an hour to text you back, but when you're with them they always have their phone in their hand.;;;;;;;;;;;;;;;;;;;;;;;;;tears have no weight but they carry heavy feelings. http://www.seoexpertssite.com/
Stacey Arenas Stacey Arenas
ReplyDeleteAssistant Managing Director, Marketing Manager at Vebaplan LLC
Edit postView stats
Real veba john koresko attacked by court and IRSgional Office of the Solicitor. Employers and workers can reach EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with problems relating to private-sector retirement and health plans. In FY 2014, EBSA recovered $599.7 million for direct payment to employee benefit plans, participants and beneficiaries. Additional information can be found at www.dol.gov/ebsa. Perez v. Koresko, et. al Civil Action No.: 2:09-cv-00988-MAM
Stacey Arenas Stacey Arenas AUTHOR YOU
Assistant Managing Director, Marketing Manager at Vebaplan LLC
UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _____________ No. 12-3234 _____________ MELISSA LANGLAIS; REBECCA EDMUNDSON; ROB PERITZ; RACHEL MARTONE; JAIME FARREL; KATRINA KNIEST; GEORGE MCLAIN v. PENNMONT BENEFIT SERVICES, INC.; JOHN J. KORESKO, V; THE KORESKO LAW FIRM, P.C.; REGIONAL EMPLOYERS ASSURANCE LEAGUES VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION TRUST; SINGLE EMPLOYER WELFARE BENEFIT PLAN TRUST; PENN PUBLIC TRUST; REAL VEBA TRUST,
Stacey Arenas Stacey Arenas
ReplyDeleteAssistant Managing Director, Marketing Manager at Vebaplan LLC
Edit postView stats
Real veba john koresko attacked by court and IRSgional Office of the Solicitor. Employers and workers can reach EBSA’s Philadelphia office at 215-861-5300 or toll-free at 866-444-3272 for help with problems relating to private-sector retirement and health plans. In FY 2014, EBSA recovered $599.7 million for direct payment to employee benefit plans, participants and beneficiaries. Additional information can be found at www.dol.gov/ebsa. Perez v. Koresko, et. al Civil Action No.: 2:09-cv-00988-MAM
Stacey Arenas Stacey Arenas AUTHOR YOU
Assistant Managing Director, Marketing Manager at Vebaplan LLC
UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _____________ No. 12-3234 _____________ MELISSA LANGLAIS; REBECCA EDMUNDSON; ROB PERITZ; RACHEL MARTONE; JAIME FARREL; KATRINA KNIEST; GEORGE MCLAIN v. PENNMONT BENEFIT SERVICES, INC.; JOHN J. KORESKO, V; THE KORESKO LAW FIRM, P.C.; REGIONAL EMPLOYERS ASSURANCE LEAGUES VOLUNTARY EMPLOYEES BENEFICIARY ASSOCIATION TRUST; SINGLE EMPLOYER WELFARE BENEFIT PLAN TRUST; PENN PUBLIC TRUST; REAL VEBA TRUST,
Third Circuit
ReplyDeleteEquitable considerations result in denial of prejudgment interest to successful counterclaim plaintiff. Regional Employers' Assurance Leagues Voluntary Employees' Beneficiary Association Trust v. Gretchen Hutto Castellano, No. CV 03-6903, 2016 WL 540817 (E.D. Pa. Feb. 10, 2016) (Judge Elizabeth T. Hey). Following a twelve-year court battle, a court awarded the Counterclaim Plaintiff Castellano summary judgment on her claim for VEBA life insurance benefits, which totaled $750,000. Castellano then moved for prejudgment interest on that amount. The court denied the motion. Based on the court's review of caselaw from the Third Circuit, it found that although there is a presumption in favor of an award of prejudgment interest to fully compensate an aggrieved party in the ERISA context, equitable considerations can overcome that presumption. In this case, the court was moved by the economic reality that other Trust beneficiaries will bear the cost of every dollar that is given to Castellano in prejudgment interest. Specifically, other victims of the "Koresko scheme" will not be in the same position to recover benefits as a result of a shortfall of over $19 million due to the malfeasance of the Koresko Entities. The court concluded that the equities weigh heavily against an award of prejudgment interest and it exercised its discretion to deny such award. However, in a separate opinion, 2016 WL 540794, the court did award attorneys' fees in the amount of $567,400.26 to be paid from the funds in the SEWBPT and REAL VEBA Trust, to be restored by the Koresko Defendants.
Subrogation/Reimbursement Claims
Third Circuit
ReplyDeleteEquitable considerations result in denial of prejudgment interest to successful counterclaim plaintiff. Regional Employers' Assurance Leagues Voluntary Employees' Beneficiary Association Trust v. Gretchen Hutto Castellano, No. CV 03-6903, 2016 WL 540817 (E.D. Pa. Feb. 10, 2016) (Judge Elizabeth T. Hey). Following a twelve-year court battle, a court awarded the Counterclaim Plaintiff Castellano summary judgment on her claim for VEBA life insurance benefits, which totaled $750,000. Castellano then moved for prejudgment interest on that amount. The court denied the motion. Based on the court's review of caselaw from the Third Circuit, it found that although there is a presumption in favor of an award of prejudgment interest to fully compensate an aggrieved party in the ERISA context, equitable considerations can overcome that presumption. In this case, the court was moved by the economic reality that other Trust beneficiaries will bear the cost of every dollar that is given to Castellano in prejudgment interest. Specifically, other victims of the "Koresko scheme" will not be in the same position to recover benefits as a result of a shortfall of over $19 million due to the malfeasance of the Koresko Entities. The court concluded that the equities weigh heavily against an award of prejudgment interest and it exercised its discretion to deny such award. However, in a separate opinion, 2016 WL 540794, the court did award attorneys' fees in the amount of $567,400.26 to be paid from the funds in the SEWBPT and REAL VEBA Trust, to be restored by the Koresko Defendants.
Subrogation/Reimbursement Claims
Participants in Sea Nine VEBA plans are at risk of IRS audits and lawsuits. Contact expert Lance Wallach today for advice.
ReplyDeleteLance Wallach, Expert Witness
SEA NINE VEBA COMPANY
Speaker of the Year and member of the AICPA faculty of teaching professionals
Frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters
Writes about 412(i), 419, and captive insurance plans
Speaks at more than ten conventions annually
Writes for more than fifty publications
Quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others
Author of Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons
Author of Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation
Author of AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots
Authored numerous articles in professional publications aimed at accountants, attorneys and tax advisors
Participants in Sea Nine VEBA plans are at risk of IRS audits and lawsuits. Contact expert Lance Wallach today for advice.
ReplyDeleteLance Wallach, Expert Witness
SEA NINE VEBA COMPANY
Speaker of the Year and member of the AICPA faculty of teaching professionals
Frequent speaker on retirement plans, financial and estate planning, and abusive tax shelters
Writes about 412(i), 419, and captive insurance plans
Speaks at more than ten conventions annually
Writes for more than fifty publications
Quoted regularly in the press and has been featured on television and radio financial talk shows including NBC, National Pubic Radio's All Things Considered, and others
Author of Protecting Clients from Fraud, Incompetence and Scams published by John Wiley and Sons
Author of Bisk Education's CPA's Guide to Life Insurance and Federal Estate and Gift Taxation
Author of AICPA best-selling books, including Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots
Authored numerous articles in professional publications aimed at accountants, attorneys and tax advisors
OFFICE OF DISCIPLINARY COUNSEL,
ReplyDeletePetitioner
v.
JOHN J. KORESKO, V.,
Respondent
No. 2175 Disciplinary Docket No. 3
No. 119 DB 2013
Attorney Registration No. 42795
(Montgomery County)
ORDER
PER CURIAM:
. AND NOW, this 41
h day of September, 2015, no response having been filed to a
Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made
absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of
Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E.
208(g).
OFFICE OF DISCIPLINARY COUNSEL,
ReplyDeletePetitioner
v.
JOHN J. KORESKO, V.,
Respondent
No. 2175 Disciplinary Docket No. 3
No. 119 DB 2013
Attorney Registration No. 42795
(Montgomery County)
ORDER
PER CURIAM:
. AND NOW, this 41
h day of September, 2015, no response having been filed to a
Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made
absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of
Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E.
208(g).
OFFICE OF DISCIPLINARY COUNSEL,
ReplyDeletePetitioner
v.
JOHN J. KORESKO, V.,
Respondent
No. 2175 Disciplinary Docket No. 3
No. 119 DB 2013
Attorney Registration No. 42795
(Montgomery County)
ORDER
PER CURIAM:
. AND NOW, this 41
h day of September, 2015, no response having been filed to a
Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made
absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of
Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E.
208(g).
OFFICE OF DISCIPLINARY COUNSEL,
ReplyDeletePetitioner
v.
JOHN J. KORESKO, V.,
Respondent
No. 2175 Disciplinary Docket No. 3
No. 119 DB 2013
Attorney Registration No. 42795
(Montgomery County)
ORDER
PER CURIAM:
. AND NOW, this 41
h day of September, 2015, no response having been filed to a
Rule to show cause why John J. Koresko, V, should not be disbarred, the Rule is made
absolute. John J. Koresko, V, is disbarred; he shall comply with all the provisions of
Pa.R.D.E. 21; and he shall pay costs to the Disciplinary Board pursuant to Pa.R.D.E.
208(g).
VEBA REAL VEBA john koresko get all your money back from insurance company and IRS 2344 views, 34 likes
ReplyDeleteEdit article
Published on July 14, 2017
LikedUnlikeVEBA REAL VEBA john koresko get all your money back from insurance company and IRS 2344 views, 34 likes1Comment0ShareShare VEBA REAL VEBA john koresko get all your money back from insurance company and IRS 2344 views, 34 likes0
Lance Wallach
Lance Wallach
Business Owner at National Offices of Lance Wallach
Disbarred Atty Jailed For Failing to Pay Up In ERISA Order
By Dan Packel
Law360, Philadelphia (May 17, 2016, 3:33 PM EDT) -- A disbarred Pennsylvania attorney has been jailed for failing to comply with a court order to turn over nearly $1.7 million in assets that he pilfered from several employee benefit schemes, the U.S. Department of Labor announced Tuesday.
John Koresko, who maintained a law practice in the suburban Philadelphia town of Bridgeport, was arrested on May 6, having been found in contempt of an earlier court order in a case involving violations of the Employee Retirement Income Security Act.
The arrest stems from a February 2015 ruling that found Koresko, Koresko Law Firm PC and his companies, Penn-Mont Benefit Services Inc. and Penn Public Trust, were jointly and severally liable for returning $38.4 million to more than 400 benefit plans nationwide. The award resolved a 2009 DOL lawsuit that followed an investigation by the Employee Benefits Security Administration, which found Koresko and others diverted tens of millions of dollars in plan assets through more than 20 accounts using more than 18 different entities at more than eight different banks.
U.S. District Judge Mary A. McLaughlin said Koresko perpetrated the scheme by establishing a set of interrelated companies and then creating an arrangement that allowed owner-employees of businesses to purchase cash value life insurance and deduct premiums as business expenses.
Assets went from the plans' trusts towards real estate purchases in South Carolina and the Caribbean island of Nevis, and the money was also used to pay outside attorneys, lobbying expenses, operational expenses for Koresko's companies, and for Koresko's personal expenses, including boat rentals and utilities.
But even before the 2015 judgment, the court ordered Koresko to transfer $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 to a court-appointed independent fiduciary.
According to the DOL, Koresko failed to comply, by instead transferring the money to another bank account under his control. He also failed to meet an obligation to transfer the title of the real estate he purchased in Nevis, as ordered by the court.
U.S. District Court Judge Wendy Beetlestone found Koresko in contempt of court orders on April 26 and ordered him to surrender to the Office of the U.S. Marshal and remain incarcerated until he complies. He did not surrender, prompting the court to issue a bench warrant for his arrest. He is due in court for a status hearing on Wednesday.
The DOL’s suit against Koresko prompted a separate lawsuit against his attorneys at Montgomery McCracken Walker & Rhoads LLP, who were accused of billing the two trusts for his defense. The firm agreed to pay $980,000 to end the lawsuit last month.
An attorney for Koresko did not immediately respond to a request for comment Tuesday.
The DOL is represented in-house by Andrea J. Appel, Linda M. Henry, Ashton S. Phillips and Joanne Roskey.
Koresko is represented by Lawrence G. McMichael of Dilworth Paxson LLP.
The case is Solis v. Koresko et al., case number 2:09-cv-00988, in the U.S. District Court for the Eastern District of Pennsylvania.
CIVIL ACTION NO. 09-988 (E.D. Pa. Aug. 31, 2016)
ReplyDeleteSOLIS V. JOHN J. KORESKO, V, JEANNE BONNEY, PENN-MONT BENEFIT SERVS., INC.
3rd Circuit Affirms Judgment In Enforcement Action Against Fiduciary
ReplyDelete(April 12, 2016, 10:44 AM EDT) -- PHILADELPHIA — A Pennsylvania federal judge did not err in imposing liability on an individual fiduciary for breaching his duties under the Employee Retirement Income Security Act or in denying the fiduciary his request for a new trial, the Third Circuit U.S. Court of Appeals ruled April 5 (Secretary United States Department of Labor v. John J. Koresko V, Nos. 15-2470, -3141, 3rd Cir.; 2016 U.S. App. LEXIS 6227).
(Decision available. Document #54-160413-101Z.)
In so concluding, the appellate panel of Circuit Judges Michael A. Chagares, Franklin S. Van Antwerpen and L. Felipe Restrepo rejected various positions advanced by defendant John J. Koresko V, including that although employer-plan participants may be beneficiaries under the terms of a trust, the employer-level plans themselves are distinct from plan participants and have no interest, beneficial or otherwise, in the trust.
Bench Trial
According to the ruling, Koresko — together with his brother Lawrence Koresko — offered employee welfare benefit plans, including death benefits, to an unincorporated association of unrelated employers known as the “Regional Employers Assurance Leagues” (‘REAL’ or ‘League’) through the REAL Voluntary Employees’
Never trust someone who takes an hour to text you back, but when you're with them they always have their phone in their hand.;;;;;;;;;;;;;;;;;;;;;;;;;tears have no weight but they carry heavy feelings.
ReplyDeletehttp://www.seoexpertssite.com/
Benistar audits and lawsuits
ReplyDeletePublished on September 21, 2015
LikeBenistar audits and lawsuitsched by e-mail at SQualters@bizjournals.com.