New York Lawyers Fund to pay record compensation to swindled clients
New York's Lawyers' Fund for Client Protection may create history in its 25-year existence by making a record reimbursement to the victims of dishonest lawyers. To compensate around 4,000 cheated clients of a Bennington law firm, the Fund is likely to shell out around $5 to $6 million.
In 1997, Andrew Capoccia set up a debt-reduction center in Colonie. Three years later, when he lost his law license, Capoccia sold the company to a group of Vermont lawyers. By 2003, the center was declared bankrupt. By the time it closed down, Capoccia's company lost a total of $24 million of client money.
The victims have claimed around $9 million in losses. The seized assets from the convicted attorneys value about $3 million. That means the compensation amount would be in the range of $5 to $6 million.
The Fund, at present, has about $7 million. However, it can appeal the attorneys for additional money. Out of each lawyer's two-year registration fee of $350, sixty dollars are kept aside for the Fund.
As the compensation will be spread out over a couple of years, the huge payout will not bankrupt the Fund. Secondly, the constant generation of the resources will also keep the Fund solvent.
Last year, the Fund made a payment of $7.1 million to the swindled clients of dishonest lawyers. Till now, the Fund has compensated a total of 6,103 victims around the New York state.
The highest payment that the Fund has made was more than $4.4 million in 68 separate awards in 2005 and 2006. The recipients of the reimbursement were the victims of disbarred Long Island lawyer, Jay Rosen.
NY Elder Law Attorneys form new firm
Lamson & Cutner, P.C. is a newly formed Elder Law firm in New York. Founded by Carole C. Lamson and David A. Cutner, two well-known NY Elder Law attorneys, said the firm will concentrate on the legal aspects of the elderly and disabled and their families. It will also emphasize on their Medicaid Planning and Asset Protection related issues. Besides these, the firm will also help the elder with issues on Home Care; Pooled Income Trusts and Community Medicaid; Medicaid fair hearings; negotiations with Medicaid and Re-Certifications; Wills and Estate Planning; Probate and Estate Administration; and Guardianships among others.
Both Lamson and Cutner are prominent and highly experienced attorneys in the field. Lamson has over 17 years of experience and is active on the Committee on Elderly and Disabled of the NY State Bar Association's Trusts & Estates, as well as the Elder Law Section. Cutner has been practicing in the field in NY since 1971. Besides representing clients in Elder Law services issues, he has also had the experience of serving as a court-appointed guardian.
BIZARRE NEWS
Heads: Space; Tail: Buzz off! After a walk on the loony surface, astronaut Aldrin now plans to send others
Now a space journey may not be too distant a dream, provided lady luck favors you! You ONLY have to win a lottery that Astronaut Buzz Aldrin has planned for you. Incidentally, Aldrin is the second person after Neil Armstrong to walk on the moon in 1969. Now the astronaut plans to send a lucky winner aboard a spacecraft. He has designed a lottery which would send the winner to outer space. It is Aldrin's attempt to let the not-so-wealthy dream of extraterrestrial travel. He said that his ShareSpace Foundation will foot the lottery bills. The ShareSpace Foundation promotes interest in science and space travel in schools. Aldrin pronounced his desires while speaking at the space investment conference on the Wall Street. The dream included a top prize that will take the winner -over 18 years of age and in good physical condition - into the earth's orbit. However, the spacecraft is yet to be decided upon. One more word of caution: DO NOT attempt to sell or transfer your prize on eBay. Wait! Don't reach for your wallet. Aldrin is yet to furnish competition details as well as the legal status of selling such lottery tickets. Once resolved, be assured, a trip into space could be a lottery ticket away!
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