I told her I said property TRANSACTIONS and she did not respond further.
I believe she knows what she does and what is going on on the 18th floor.
She is a smart lady, from what I’ve seen, but not smart and brave enough to do her job and follow the Illinois Probate act.
Ken’s response was a bit stronger:
Ms. Farenga is engaged in creating a diversion.
Read what she says – the “concept of her husband having a hundred properties” Her husband is not accumulating real estate – he is a conduit.
The transaction works as follows:
1. the guardians (fiduciaries) run down the value of the property. They then list it and of course get no takers.
2. A friendly but low appraisal reduces the disclosed value to 50% or less of the actual value. Again there are no takers.
3. A nominee – someone like Farenga’s husband makes a bid. HIs bid is low. The Court is given a sad sad story and he or someone like him makes the purchase.
4. At the “proper time” the property is resold to another nominee – this is a pure nominee sale.
Finally the property is liquidated and the miscreants usually through another set of nominees divide the profits reporting the gains as capital gains. The reason Farenga responded to you is this situation strikes at a profit center of the elder cleansing industry. She also denied that theft of the gold coins even though she was never accused of being a party to it and she had no knowledge of what Carolyn took out of the safety deposit box. All she knew was the Carolyn suddenly went from being poor to being rich. This is the same scenario.
If you notice – Mr. Larkin has kept far away from this situation. The Department of the Treasury can fill in the dots and as Farenga is a fiduciary if she is directly or directly involved the entire transaction is colored as ordinary income. Ordinary income that has not been reported on tax returns.
JoAnne – it is no wonder that Farenga is upset! The alleged Breach of Fiduciary Relationship and the tax evasion are serious matters. A lucrative source has been exposed and ******.
This is another example of the lady doth protest at the wrong time.