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“Litigation lawyers by default become nfrequent advocates for the protection of trust. Beneficiaries. And the the assertion of their clients. nrights.
Ongoing complaints regarding. The systemic noverreach of banks. Companies. And california licensed professional fiduciaries acting as ntrustees are made at administrative levels and litigated for the most part at the probate ncourt level.
The growing conservatorship reform movement nis animated by the all too frequent financial exploitation physical and emotional abuse nvisited upon our nation s most vulnerable citizens by conservators and guardians this reform movement is worthy of its growing npublic attention. There s no dearth of stories and examples nof abuse. There is a dearth of institutional advocates and individual advocates are limited by time nmoney and geographic reach. Still the stories must be told.
And as they are told with time. The spotlight nwill grow brighter in the legal non legal media public policy and legislative fields. The need is growing greater for skilled advocates nto advance the cause of protecting the vulnerable. I ve made personal efforts in this area by nwriting two books about elder financial abuse.
The wolf at the door and alzheimer s widowed nstepmothers and estate crimes of course. Far more needs to be said trustee abuse of beneficiaries may occur by nthe actions of unlicensed fiduciaries licensed fiduciaries banks or trust companies. I ve written extensively about trust beneficiary nrights. These rights are important and critical to na functioning estate system.
It is one thing when they are violated by nunlicensed and unskilled fiduciaries. It is quite another when the violations are nthose of a trust company or a licensed fiduciary california. Licensed fiduciaries often assume nthe paid roles as trustees guardians estate. Executors agents under a power of attorney nand conservators for those who are mentally or physically incapacitated.
They are licensed to serve california s most nvulnerable population the system doesn t always work the professional fiduciary association of ncalifornia identifies the obligation of a professional fiduciary n. And often noble in nature. A fiduciary s role is not merely that of business nmanager decision maker or guardian. It is also a nurturing bond of trust concern nand attentive caregiving a fiduciary seeks to support mental and emotional nwell being reduce the stress of changing circumstances or unexpected events and most nimportantly help each client and their families enjoy a fulfilling life these are fine and colorful words.
Some fiduciaries take them seriously and apply nthem in everyday life for the people that they serve others don t and it s my job as an advocate to expose such nabuse while not naming names or locations. I want nto describe a few cases where we re asking questions whether these california trustees nand their attorneys are meeting. The purposes described by the fiduciary association. A father desiring to set aside assets to nbenefit his retirement age daughter creates a trust directing the successor trustee appointed nat his death to provide income and principal for her well being her well being is within a in this case.
The trustee is it advertises itself as touch high quality. The father dies and the trusted source and npreserver of family harmony. Trust company takes over as trustee using its corporate trustee meets and approves a distribution nof 2400 per month to the elderly sole beneficiary. The trust beneficiary lives in low income nhousing documents provided to the beneficiary show ntrust liquid assets in excess of.
2000000. Money paid to the corporate trustee for trustee n. The beneficiary so let s step back a minute. I doubt that the beneficiary s father ever nread the corporate trustee s website.
But somebody did maybe the trust attorney are the trustee s actions preserving family nharmony is this trustee really if so a trusted source for what keeping an elderly beneficiary in low income nhousing. While there is more than 2 million in her trust think about it if her father could come nback to life would he say that this is the result that he wanted that the corporate trustee. Really is doing n. If this is really so then the corporate trustee nshould advertise just what they re doing for this elderly beneficiary.
So if california professional fiduciaries nare a noble lot. According to their association are these actions noble a sick dying man. An octogenarian is assisted nby his two late middle age children in the last months of his life. He creates a trust for the benefit of these ntwo children much like the trust created for the elderly nwoman.
It has a and support standard. The trust attorney in a communication to nher dying. Client calls this a trust. The trust.
Attorney identifies a california nprofessional fiduciary to be the successor trustee after the man dies. The man dies in mid july 2019. It appears that his trust has more than 7 nmillion in assets so let s remind us what a california professional nfiduciary does. The association tells us that n business manager decision maker or guardian.
It is also a nurturing bond of trust concern nand attentive caregiving a fiduciary seeks to support mental and emotional nwell being reduce the stress of changing circumstances or unexpected events and most nimportantly help each client and their families enjoy a fulfilling life. Okay. I ll accept what the association says now let s see how this particular california nprofessional fiduciary applies. It the trustee s attorney sends a notice to the ndecedent s children.
Approximately one month after the decedent s death. The notice includes a copy of the trust three days after the trust. Notice. The successor ntrustee serves.
A vacate premises. Their father has been dead 40 days. The california private fiduciary signs. The nnotice as the the father s trust property.
The children are informed that they must to the owner landlord they. Are warned that the california professional nfiduciary will use you which could also result in a money njudgment being entered against you for the balances due. Plus costs and disbursements nof suit and. Attorney s fees allowed by applicable law.
The children of course have no tenancy agreement. They re not paying rent they were in the premises assisting their nfather in his last months of life does it appear that this licensed trustee nsees. Any important considerations outside the legal aspects. The children are grieving the prospect of moving is challenging they meet with the.
Trustee they re told that they will be lucky if they neach receive. 24000 each year in beneficiary. Benefits 24000. Per year from a 7 million trust to nbenefit them this california professional fiduciary will nbe given the opportunity to explain how in the words of the association.
These actions nare. Attentive care. Giving the trustee can also explain how these actions n. Reduce the stress of changing circumstances.
Nor unexpected events and most importantly help each client and their families enjoy na fulfilling life. The children sought a mediation with the trustee. The trustee s attorney. Indicates that the ntrustee will not mediate until the two children vacate their father s property.
The trustee will move forward with eviction nproceedings. The attorney adds that the trustee monthly distribution from the time they vacate nand the completion of the mediation. The mediation was cancelled by the trustee. The actions of the corporate trustee and the ncalifornia professional fiduciary remind me of the words of abraham lincoln with regard nto slavery is wrong.
If a trustee whether corporate or for profit nlicensed professional can treat beneficiaries. The way that these two have then they can ndo anything millions of dollars set aside for the benefit nof children beneficiaries. One beneficiary living in low income housing nthe others still in their father s house. One beneficiary given income far below the npoverty level and the others no income whatsoever.
If a trustee is to administer a trust these actions in any interest of the beneficiaries. Let al of drywall or something right it would be much easier for the bowling ball to break through maybe one or two stories of that flooring right of the drywall. But to break through 40 floors of the drywall now that might be a little bit of a challenge. Okay trying to get it to break down all of those floors.
So when you re looking at level 2. And you see that there s a lot of people all trying to buy at one specific price. So let s say it s 1 or you have a ton of people all trying to buy at 1. It s creating a floor right a floor of buyers and then when you look to the right and you look at your sellers.
And you realize. There s only a couple people trying to sell a dollar a one it s clear that there s more buyers and there are sellers. Within that close proximity of pricing. So that that s a strong indication.
There might be a buy and it doesn t work very well showing you right now in after hours trading because we re not as active. But if this was real time in the real market let me show you writing. I m gonna do it right now okay. I m gonna create a floor of buying pressure theoretically just for the purposes of this video right so.
I m gonna put in an order to buy one right here by a hundred okay you see how my order comes up there. And then i m gonna put in another order. I could put an order here here here you see what i m doing i m creating floors of support now it looks like there s a bunch of people trying to buy at 160 897 160. 98.
168. 99. 169. You get it i m creating floors of support through buying.
Okay now this can also happen as well you might come across your level. Two and see 169 169 169 169 169. Because during the active trading day. I may not be the only person trying to buy shares at a dollar 69.
You might he might she might the pet might whoever right all may trying to be or all may be trying to buy shares at 1 69. And if that s the case. What its gonna look like is something like i just did here. You re gonna see a bunch of orders all stacking up at one price and if you look on the left.
And see that there really aren t that many sellers that can it be an indication of a buy now we ll come back and i ll do another video. When we re actively in the training day to see if i can come up with a great example to show you guys rather than what i ve shown you so far to hopefully clear up if there s any little bit of confusion. Most important part here a lot of you guys will be saying conor. I ve been watching level 2.
And every once in a while i ll see a really big order come through and doesn t that mean that the stock price should go higher. I ve bought and then the stock price goes down. There is something that s called spoofing. And it s a legal practice of basically manipulating.
The time ins are not manipulating the time and sales. But manipulating the level to to make other traders think that the prices are going higher when in reality. They re not so. If you re not familiar with it look up what s called spoofing.
I could do it right now. And i ll show you and again this is just for the purposes of this video completely educational. There s no way shape or form that i m trying to spoof any type of order in a legal manner. This is for learning and educational purposes.
So you can see here that there s buyers right these are buyers ray you see the 17. All right you see the 17 go look down. Here all right sixteen right at 169 22. In 169 22 16.
And one equals. 17. Okay. See right here 20 just below him 20 at 169 20 right so this is what some people do do in the market.
It s called spoofing. What they ll do is they re gonna put it out a really big order so increase this to 300 shares right so during the active trading day somebody might come in and they already have a position in the stock right they re already long the stock or they could already be sure to stock. Okay and they want the price to go higher or they want the price to go lower depending. If they re short or long in this particular scenario.
We ll say long biased. So someone may already be long the stock. Okay and they want it to go higher and of course. They want to sell their shares.
Now something they might do now now of course. The only way the prices on that sock are going higher is if people start buying it right. I mean prices can t go higher unless. There s demand and people buy so.
What is something we could do to possibly trick people into buying up shares. We could put out a really big order that will show up on the level to the public right so everybody s gonna see this really big order come out and they re gonna think that there s this really big buyer trying to buy up the shares. So. When you see this big buyer come in you re gonna go well.
If he s trying to buy then this means the price definitely is going up. So if i want to get in i have to get in before him because if he gets filled and then i try and get filled the prices will have moved higher. And i m not going to be getting a good deal. So this is what we call spoofing.
Where in the act of trading day. Someone may already be long a stock right and they ll put out this big order ready you see my order comes in there. But let s say they put out something outrageous. Ten thousand twenty thousand shares also you see a big big number like 100 or 200 pop up on the level.
And that makes you think that the prices are going higher. But in reality. He s just putting that order out there to make you think prices are going higher. So that you start buying the stock and forced the stock up.
While he s selling so what he s gonna do and this is will be called manipulation. He will put out an order okay and it s gonna look really big on the level. And it s gonna trick him into thinking that somebody s trying to buy a lot of shares. Now.
The only way you can get in before him is if you put your order above him. So you can see how we ll say that this 300 share is the really big buyer. And he s trying to trick us into thinking that the prices are going higher well. If you want to get in you need to do what you got to put an order above his like this you have to put in the order above his right and now he s making it work now people are starting to jump his order and prices are going to start increasing and then what s he gonna do he s gonna come down here.
And he s going to cancel his big order and all sudden it gets taken off the level and sometimes you ll see prices drop shortly thereafter. It s called spoofing. I hope that was a good enough example to show you guys. But that is what will happen people will put out massive orders and it works both ways right i could go up here and be like hey i m gonna sell a ton of i m gonna sell a ton of shares right make everybody think i m trying to sell a bunch of shares and then people are gonna try and get out before me so they ll start jumping me.
And it will cause just kind of a you know a snowballing effect. Theoretically so level two can be used to identify whether there s strong levels of support based on how many people may be trying to buy at one specific price and look at this these are levels one two three four these are just all different levels. So when you say level two they re literally levels and you can think about them. As stories of floor floors.
The more stories of floors. That you have of buyers trying to buy at one specific price makes it harder for the stock price to fall below. That specific price because you have so many buyers sitting there trying to buy shares and if those buyers are out weighing. The sellers.
Then there s a strong chance or indication prices could be moving higher. Now. This is gonna take you some time to learn. And it s gonna take you a lot of practice to get it down basically as well as i ve explained it.
But i hope this video helps i hope it makes you think a little bit differently about the way you might be using level 2. Here in the future. If you guys have many questions feel free to leave them in the comment section. Below and one thing i would like to hear from you guys in the comment section is how often or do you truly believe that people manipulate level 2.
Just as i shown you throughout the day leave it in the comments section. Below. If you ve ever seen this typical situation. So that you can share that with other people and hopefully kind of create a little message blog in this video.
So if you ve seen that type of action on the level 2. Leave it in the comment section below. I d love to read it thanks again for tuning in guys as always and i ll see you guys on the next video. ” .
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