Couple With Power Of Attorney Stole From Him, Says Prince of Brunei
Exiled Prince Jefri Bolkiah, the brother of the sultan of Brunei, is accusing the couple that he gave power of attorney over his affairs of stealing from him. The prince filed a lawsuit against British attorney Thomas Derbyshire and his wife Faith Zaman, saying that they used his fortune to buy two California beach homes, $33,000 of furniture, $30,000 of jewelry, and $2,800 of electronic appliances. The prince says his losses are as high as $23 million. He also claims that the couple also persuaded him to sell his $25-million, 23-room Long Island mansion for $12 million.
The prince had hired Derbyshire, an expert in fraud and money laundering, to represent him amidst allegations that he embezzled $3 billion from Brunei. He gave the couple power of attorney. In his complaint filed in a New York Court, the Prince claims that the couple then proceeded to engage in “numerous acts of theft and deception, self-dealing, embezzlement and fraud, all designed to benefit themselves and their family members, to the severe detriment of their clients and employers. The words ‘faithless servants’ do not do justice to the scope of their perfidy.”
Zaman, who was named managing director of the Prince’s Palace Hotel in Midtown Manhattan, is said to have moved into the hotel's $10,000 a night suite while hiring her brother, Arzi Zamarni to be “operations manager”—a role accompanied by a very generous salary.
In the Prince’s court documents, Zaman is accused of using a corporate credit card to misappropriate $750,000, while Derbyshire is accused of spending $280,000 on his card. Zaman also allegedly payed a company that she created a $5 million check that had been made out to one of the Prince’s companies. An order of $4.1 million worth of plasma TV’s and equipment was paid for by the Prince but never arrived—even though there had been an additional delivery charge of $230,000. Derbyshire and Zaman are denying the accusations.
Power of Attorney
A power of attorney gives a person the authority to make legal decisions, including financial and property decisions, on behalf of the Principal—the person who gave them that power. A power of attorney is usually given to someone when the principal cannot be present to sign documents or has become too ill to do so.
A power of attorney can go into effect immediately if you would like it to. You must, however, note that it is a durable power of attorney if you would like for it to continue in the event that you become incapacitated. If you would like the power of attorney to go into effect only after you have become incapacitated, you would then sign a springing durable power of attorney.
Nolo.com provides a list of responsibilities that a person given the power of attorney might have:
· Use your assets to pay your everyday expenses and those of your family.
· Buy, sell, maintain, pay taxes on, and mortgage real estate and other property.
· Collect Social Security, Medicare, or other government benefits.
· Invest your money in stocks, bonds, and mutual funds.
· Handle transactions with banks and other financial institutions.
· Buy and sell insurance policies and annuities for you.
· File and pay your taxes.
· Operate your small business.
· Claim property you inherit or are otherwise entitled to.
· Transfer property to a trust you've already created.
· Hire someone to represent you in court.
· Manage your retirement accounts.
The agent is required to act in your best interests, maintain accurate records, keep your property separate from his or hers, and avoid conflicts of interest.
Sagaria Law, P.C. offers estate planning services in Santa Clara County, Monterey County, and Alameda County. Our estate planning attorneys can help you draft a power of attorney, make a will, appoint a trustee, as well as handle any other estate planning-related matters. Contact Sagaria Law, P.C. today.
Lawyer, Wife Accused of Duping British Prince Out of $23 Million, December 10, 2006
Suit claims pair swindled prince for $23M, UPI.com, December 9, 2006
Financial Powers of Attorney, Nolo.com
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