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In Matter of the May 1, 1992 Mark Family Trust, a Monmouth County judge has ordered a New York attorney to pay $3.29 million to four plaintiffs after he invested money from their family trusts into his son’s hedge fund without disclosing that they were related.

According to court documents and an attorney involved in the case, Jared Scharf of White Plains, who was trustee for several trusts on behalf of Ann Mark and her three children, Eric, Felicia and Jacqueline, invested $450,000 of their money into an account called BGS Economies of Scale in 2010. Scharf’s son, Adam, also an attorney, albeit with no training or license in trading securities, had started the fund with two friends. Scharf agreed to pay his son’s hedge fund a 2 percent management fee and 20 percent of all profits generated, according to the suit.

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David Gialanella

David Gialanella, Bureau Chief, has been with the New Jersey Law Journal since 2010, covering business of law, litigation, legislation and various other topics. In his current role, he is responsible for the Law Journal's print and web products. Reach him at dgialanella@alm.com.

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Charles Toutant

Charles Toutant is a litigation writer for the New Jersey Law Journal.

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Michael Booth

Trenton Bureau Chief New Jersey Law Journal American Lawyer Media mbooth@alm.com Twitter: @mboothnjlj

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