Mr. S hired Mr. Manfredonia, Esq. to defend a Will on middle of July, 2008. The contract indicated Mr. Manfredonia would be paid 25% of the net recovery if settled before trial. He was paid $113,549 in the combination of $20,000 in cash by Ms. Mark, $25,000 & $600 in cash and 700 shares PSEG
stocks at $67,949.00 (@$97.07) by Mr. S. Mr. Manfredonia is suing Mr. S for funds with Bergen County Court of NJ, in spite of knowing of the existing litigation between NJS Taxation Department and the Estate.
Mr. Manfredonia wants 25% of cash & 25% of PSEG stocks, and PSEG stocks evaluation is the day he received the stocks (10/6/2009, @$31.10), instead of the day that stock value was determined by NJS Taxation.
The estate consisted of cash & PSEG stocks on 12/13/2007(DOD). PSE&G stocks split on 2/4/2008. Mr. Manfredonia informed Mr. S at beginning of July, 2008 about the PSE&G stocks split (BNY Mellon
Shareowner Service advised Ms. Mark, Esq., the court appointed administrator. 700x2=1400).
8/1/2008, Mr. Manfredonia informed Ms. Mark, requesting stock liquidation. This request was then
discussed among parties. 8/9/2008, Capital-gain tax & estate tax comparison report was e-mailed to Mr. Manfredonia from Mr. S. Then, Mr. Manfredonia informed Ms. Mark, Esq. not to liquidate the stocks.
Mr. Manfredonia negotiated Ms. Marks fee with his client/Mr. S, stating that paying Ms. Mark $12,000 in legal fees is better than a $35,000 executors commission, because executor commission is based on all Estate Funds plus the value of the PSEG stocks. ($70,000 12/13/2007). Mr. Manfredonia informed Mr. S that Mr. S wouldnt have access to the estate, until Mr. S signed a waiver, releasing the Accountant and Ms. Marks liability from the estate administration. IT-Estate and IT-R forms were signed by Ms. Mark (prepared by Mr. Trigo, CPA) indicating, she had determined the estates value, consisting of PSG&G stock valued at $68,425.00 (@$97.75/700 shares, 12/13/2007). Mr. Manfredonia informed Mr. S that he had NO OPINION about the estate evaluation.
Mr. S, Executor, filed a Complaint for executor compensation and Will defense legal fees after receiving NJS Taxation Departments notice of assessment. Mr. Manfredonia advised NJS Taxation Department on the behalf of the Estate on June 2009.
Mr. S, Executor, accepted the decision of the NJ Taxation Department about PSE&G stock valuation at $67,949.00. The Estate would have a higher value, paid higher inheritance taxes & Mr. Manfredonia would be paid on higher estate value. A tax lawyer wouldnt be needed need to defend the PSE&G stock valuation.
During Settlement Agreement drafting, Mr. Manfredonia had made attempts at transferring all Estate funds to his attorney account. He replaced the Final Settlement Agreement to say Funds currently held at H-C-S Bank shall be transferred to the Trust Account of John Manfredonia upon the presentment of an inheritance tax-waiver. Mr. S informed Mr. Manfredonia that the final draft was wrong, and the signed H's Affidavit was needed before Mr. S signed the corrected Settlement Agreement. Concerns about her withholding money from the estate, was raised, because Her Affidavit indicated she had several joint accounts with the decedent. Mr. Manfredonia insisted the Consent Order only consisted of a portion of the Settlement Agreement, Hs Affidavit need not be mentioned. Late of October, 2008, consent orders were filed with the NJ Hudson County Court by Mr. Manfredonia without Helens Affidavit.
Mr. Manfredonia mis-lead NJ Bergen County Court by concealing the litigation between the Estate and NJS Taxation Department. He did not consider his clients best interest, did not advise his client the NJ law, and withheld court papers by not filing.
Mr. Manfredonia applied double standards regarding the stock evaluation. He chose the highest cash value of PSEG stock (12/13/2007) for Ms. Mark & Ms. Trigo. But he wouldnt accept 700 shares PSEG stock payment having the same cash value as his negotiation for Ms. Mark (@$97.07, 12/13/2007) as the tax/contract law. Mr. Manfredonia wants to get $54,472 more
in cash by a choosing lower PSEG value (@$31.10, 10/6/2009). |
