Co-shareholders allege stocks were fraudulently transferred

By Lhalie Castillo | Nov 6, 2018

BELLEVILLE — Co-shareholders are suing a living trust trustee for allegedly withholding stocks for her own enrichment. 

James Radisic and BNB Towing Services Inc. filed a complaint on Oct. 5 in the St. Clair County Circuit Court against Sandra Longust, alleging fraudulent misrepresentation. 

According to the complaint, the plaintiffs allege the defendant acted as the trustee of the Charles A. Norton and Shirley A. Norton Living Trust. The plaintiffs claim Longust misrepresented herself as a BNB stockholder when she intentionally transferred ownership of the BNB stock of Charles R. Norton into The Norton Family Living Trust without offering it for sale to the corporation and other shareholders.

The plaintiffs allege the defendant enriched herself while exposing the trust to potential liability. 

As a result of defendant's unlawful conduct, the plaintiffs claim they have suffered economic losses and have been maliciously defamed and prosecuted.

The plaintiffs request a trial by jury and seek an order declaring that the transfer of Charles Norton's BNB stock to The Norton Family Living Trust to be invalid. They also seek an order requiring Longust to offer the stock for purchase at its value on the date of transfer. They are represented by Rhonda D. Fiss of The Law Office of Rhonda D. Fiss PC in Belleville.

St. Clair County Circuit Court case number 18-L-658

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St. Clair County Circuit Court The Law Office of Rhonda D. Fiss, PC.

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