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socrateaser, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 38802
Experience:  Retired (mostly)
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What is the statue of limitations on abuse of power of attorney

Customer Question

What is the statue of limitations on abuse of power of attorney? Our Nephew had it until July 2008 when it was discovered that he has been deceitful along with a CPA in the handling of our finances. This has probably gone on since my Spouses brother and business partner died suddenly in 1987 .This nephew was the corporation secretary, bookkeeper and in control of personal trust funds,personal finances and other business interests. They have refused to give any accounting to date. We cannot locate bank accounts any finance records and tax returns prior to 2000 as the nephew refused to turn them over and now states he no longer has them. My husband and I are ill and trusted them until we discovered one of the parcels of land sold by the nephew in may 2008. How far back can we hold them accountable,legally? Do we have any chance of recovery? We have been told that" this is a CPA nightmare".Thank You for any advise you can give.
Submitted: 8 years ago.
Category: Consumer Protection Law
Expert:  socrateaser replied 8 years ago.

Different jurisdictions have different statutes of limitations for breach of fiduciary and fraud -- which is essentially what you are alleging. Assuming that the power of attorney was executed in Michigan and the resultant acts and omissions done within that jurisdiciton, then generally the SOL: for fraud is two years; for breach of fiduciary is three years; for malpractice against the CPA is two years.



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