TD Bank Sues Lawyer’s Widow over His Alleged Fraudulent Transactions
Posted Aug 10, 2012 7:28 AM CST
By Debra Cassens Weiss
TD Bank has sued the widow of a Washington, D.C., real estate lawyer, claiming he committed fraud in loan applications before his death from cancer.
The suit (PDF) against the widow of lawyer Frank Pearl claims the bank would not have approved a $16 million credit extension involving a corporation he controlled if it had known about alleged fraudulent transfers that are now making it impossible to collect. The BLT: The Blog of Legal Times has the allegations.
The suit claims Pearl’s widow, Geryl Pearl, benefited from a trust created before his death that was designed to place assets beyond the reach of creditors. Citing information and belief, the suit alleges Pearl made the transfers after he learned he suffered from fatal lung cancer.
The suit also claims Frank Pearl claimed that assets he listed as guarantees on loan applications were in his own name, but they were actually jointly owned with his wife.
The BLT was unable to reach Geryl Pearl for comment.