trust account

noun

an account of property established with a trust company by a grantor, for distribution during or after the grantor's lifetime.
Also called trustee account. Banking. a savings account over which the depositor, while living, has sole control as trustee, and which upon the death of the depositor becomes payable to the beneficiary.

trust account

noun

Also calledtrustee account a savings account deposited in the name of a trustee who controls it during his lifetime, after which the balance is payable to a prenominated beneficiary
property under the control of a trustee or trustees

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After Girardi’s fraud conviction last year, Kamon reached a deal with prosecutors under which he pleaded guilty to wire fraud and acknowledged that he had routinely transferred money from client trust accounts at Girardi’s direction.

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When M.C.’s family asked Elliott about the trust account or for bank statements, he “lulled them into compliance by getting upset and telling them that everything was under control,” according to the indictment.

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Girardi would then instruct Kamon to transfer money from client trust accounts and log the transfer as “attorney fees,” according to the agreement.

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“He treated that client trust account like a personal piggy bank,” Paetty said.

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The fees, part of the $282 million total, were either never deposited into a trust account or remained for only a day and were wired into a personal account, the complaint alleges.

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trust trustafarian

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