Approximately $5.5 million in restitution owed from a fraudulent family trust is still in the process of recovery by authorities.
New York Attorney General Letitia James and the Department of Justice announced on Wednesday that $6.3 million stolen from family trusts of three deceased women has been recovered.The millions in restitution have been collected and distributed to the victims of attorney Richard Sherwood and financial adviser Thomas Lagan, who were both found guilty of money laundering and tax fraud. Each was sentenced in December 2019 to federal and state prison for stealing approximately $11.
The couple was advised by Sherwood and Lagan to sign wills directing all their assets—aside from trusts for Anne and Pauline's other sister, Julia Rentz—to churches, civic organizations, a hospital, and a university scholarship fund.After the Bruggemans both died, Sherwood and Lagan encouraged Anne to create a trust that, unbeknown to her, made them the beneficiaries of the sisters' estates upon her death.
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