The drama surrounding the estate of millionaire heiress Hugette Clark continues to unfold as now come allegations of fraud on the part of the estate executors. The New York County Office of the Public Administrator recently alleged that the two estate administrators, attorney Wallace “Wally” Bock and accountant Irving Kamsler, named as executors by Ms. Clark, have committed tax fraud in their representation of Ms. Clark and her estate.
The allegations claim that the two administrators failed in numerous duties and may end up costing the $400 million estate more than $50 million in interest, fines and unpaid taxes. The fraud extends back decades, as the two were responsible for managing Ms. Clark’s affairs as she lived much of the last 20 or more years in a hospital room in New York City. The allegations include charges of filing false tax returns, underreporting and underpaying income taxes, and lying to the IRS.
The Manhattan Surrogate’s Court (the New York state probate court) had previously appointed the county public administrator’s office to watch over the actions of the two executors. The office investigated the case and subsequently filed the allegations against the two. Mr. Kamsler’s attorney recently filed a letter with the court indicating his client’s intent to resign as administrator. It had also previously been revealed that Mr. Kamsler was a convicted felon and a registered sex offender.
- Business Succession Planning May Be Easier than You Think - June 1, 2022
- Estate Planning – Something You Shouldn’t Do Yourself - May 18, 2022
- Just When You Thought You Understood the 10-Year Rule, Think Again - May 11, 2022