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Sunday, October 4, 2009

Westchester District Attorney OK's Another Crime by Wealthy or Connected

Siblings tell 'sad tale' of James McDermott: Raided family trust during tryst with porn star
The New York Daily News by Greg B. Smith - October 4, 2009

On TV financial shows, James McDermott Jr. was the $4 million CEO of a Wall Street powerhouse, a go-to guy on bank mergers.

To his neighbors in the exclusive Westchester enclave of Briarcliff Manor, he was the owner of a $7 million Tudor-style mansion on the Rockefeller estate, and an upstanding husband and father. But to his siblings, he was selfishness personified. "Although we lived 10 minutes away, we spent no time with them," said his sister, Kathryn, who now lives outside Albany. "Why would you want to spend time with a snake?" The siblings have written letters to judges urging hard time in prison. They've tried to get him indicted on larceny charges. Now his family is suing him on grounds that he looted the family trust while his mother fought Alzheimer's in a nursing home. McDermott's squeaky-clean image was a joke members of his family say they have seen through for years. One of his brothers, Robert, a Catholic priest in St. Louis, called it a "sad tale." After all these years, he says he is at a loss to explain his brother's many bad choices. "My parents were very good people and devout Roman Catholics," he wrote in an e-mail to the Daily News. "They raised us well. I do not know where Jim went so wrong." The truth began to emerge on Dec. 21, 1999, the day McDermott was busted for leaking stock tips to his porno queen girlfriend, Marilyn Star, the X-rated lead of "Marilyn Does Miami" and "Babes on Bikes." He denied everything, telling his father he was being singled out for something everyone on Wall Street did - give friends insider info, Kathryn said. He was convicted at trial. The day he was sentenced, Kathryn and her husband, Al Sorrentino, were the only family present. His wife and children were in Europe.

The judge, Kimba Wood, read piles of fawning letters from friends, but never got to see Kathryn's very different letter - advising that her brother go straight to prison. "The lawyer said it wouldn't be in his best interests," said Sorrentino. That day McDermott called himself "just an average person who's tried to work hard and give back." He got eight months, served just under five and was later barred from the securities industry that had made him rich. It was time to start over. He set up a woodworking business with a partner and was going to pull himself up by his bootstraps. When his father, James Sr., died in June 2003, he became sole trustee of the family trust, taking full responsibility for his ailing mother, Mary. That, anyway, was the plan. Meanwhile, he was drowning in debt, records show. There was the crushing mortgage of the Briarcliff mansion and the $635,000 luxury condo and cabana his wife had bought in Palm Beach, smack on the Atlantic. He fell behind in his taxes, and federal and state liens on his properties mounted. Sometime in 2006, James' brother Robert was looking over his mother's taxes when he realized something was wrong. "He asked Jim where the trust money is," Kathryn said. "Jim says it's all gone."

When Robert demanded an accounting, James responded in a self-pitying July 2007 e-mail admitting he'd "borrowed" $464,000 of what had been a $600,000 trust to pay his many debts. He claimed that "nothing unfolded as I expected" regarding his grand business plans, and mentioned his "difficulties with the IRS." He was confronting what he called "a personal financial maelstrom" that "overwhelmed my ability to respond and fix the situation." "There is simply not enough apology to cover the hurt that I may have caused Mom and for that I am beside myself." So where, the family wanted to know, did it all go? The family went to Westchester District Attorney Janet DiFiore for help in finding out. Two prosecutors were assigned to the case and a grand jury subpoenaed boxes of documents.

Last year, the family says, the district attorney advised them there was no criminal case and told them to file a civil suit. McDermott's lawyer, Kevin Kitson, did not return calls seeking comment. The suit, filed by lawyer Bill Neary in Wisconsin in July, says that between October 2003 and September 2006, McDermott siphoned off most of the fund into accounts he and his wife, Darian, controlled. During that time, records show, his wife bought the condo in Florida, and he made payments toward his tax debt and coughed up $230,000 to settle a civil suit with the SEC. He also set up several limited liability corporations, including one based in the Florida condo called Woodside Enterprises. Today his sister, Kathryn, says the family wants to pursue the funds to make sure their mother - who does not know about any of this - is taken care of. "I am just so very grateful she doesn't have a clue what's going on," Kathryn said. "She has a few good years left. Couldn't you at least make it easier? But no." "Emotionally," she said, "this is taking a toll." gsmith@nydailynews.com

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19 comments:

West DA Insider said...

Did you know that one of Janet D's boyfriends is Frank Nicolai? (In addition to known mobsters) Yes, It's true. Someone really needs to make a movie about this.

Anonymous said...

To 2:57,

That is very old news. It has been in this blog for years.

How about something current and relevant to what is going on right now?

insider said...

If you want current, like right now, yak to me about Janet's husband of the law firm of Davis Polk Wardell. The buzz is that they will be imploding soon. Gee it's too bad all that mob money will have to find a new home. LOL

T Finnan said...

A competition has developed. Is the Westchester County DA more corrupt than the Essex County DA? Does the Westchester County DA protect corruption better than the Essex County DA? Which DA is a better feminist? Which DA do you admire more? See my site ExposeCorruptEssex.com to see wheter Julie Garcia's is a better miscreant.

Anonymous said...

Orange County is not far behind, they are covering up the fixing of cases plus child porn involving a fix case..

Anonymous said...

Do the DA's of Essex & Orange County have any real organized crime ties? We know that our girl Janet does.

T Finnan said...

Our Essex DA, Julie Garcia, had a drug dealer boyfriend, but she denied the charge of her opponent in 2005 that she also lived with him. Poor Julie has a problem with her choices
www.northcountrypublicradio.org/news/archive.php?id=6390

Anonymous said...

Orange County has connections reaching as high as the AG's Office. That is why some of these crooks are not been investigated....

Quietly Smiling said...

DiFiore Missile #1:

...she was seated to turn a blind eye to the flow of dirty money in Westchester, in this case the raping of an Estate...

Quietly Smiling said...

DiFiore Missile #2:

Car stolen from boyfryend's driveway, but she can't have the public knowing that, so she fraudulently files a police report in Yonkers that claims the vehicle was stolen from the Cross County Shopping center's parking lot...

Quietly Smiling said...

DiFiore Misssile #3:

Drunk at a NYC party and she loses both gun and badge...

Quietly Smiling said...

DiFiore Missile #3:

What's that retired police detective in lower Westchester saying to non-State authorities?

Quietly Smiling said...

DiFiore Missile #5:

What't that retired NYC police detective in a NYC borough saying to non-State authorities?

Quitely Smiling said...

Janet, that's a boat load of missiles coming your way...28 days to go and the rest of your life...you know it's just the tip of the iceberg, so good thing you are an expert at plea bargains, in this case your own...;)

Anonymous said...

To: Quietly Smiling said...

Thanks for the info.

Keep 'em coming :)

Anonymous said...

Janet From Another Planet started off her tenure with a "BANG" when she opened the door for wrongfully convicted Jeffrey Deskovic to exonerate himself with DNA evidence that the previous useless bag o sh!t Pirro refused to do the right thing.

Had DiFiore not done the right thing in the Deskovic abomination, I think she would be far more in the back of the "8" Ball. She is now on the panel that Judge Jones created for wrongful convictions.

One good thing I will say about her is that she finally understood that she shoudn't be involved in the mess created for her by Suffolk DA Spota. After avoiding my requests for information, DiFiore appears to have done a CYA when she wrote me the brief letter that she was aware of Spota conferring immunity for two arsonist in her county by giving immunity to them in his county. She was aware of that because I told her that. Not Spota, or Suffolk PD.

DA DiFiore did add in that letter that she searched her files and records and could find no evidence of a deal being brokered between her office and Suffolk.

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