Executor Told to Pay Rappaport HeirsOctober 9, 2010 – In The News
Richard Basciano, a New York real estate investor, was ordered by a Bucks County judge to pay $10 million to the heirs of the late Philadelphia landlord Samuel Rappaport. Before he died in 1994, Rappaport named Basciano the executor of his estate. The Rappaport family objected to Basciano’s dealings with the estate and accused him of charging excessive fees, selling unauthorized property and pocketing proceeds that should have gone to the family.
Representing the Rappaports, Ronald J. Shaffer and Eric Wood noted, “This case should serve as a warning to executors that they owe the highest duty of loyalty; are obligated to protect the assets of an estate; and cannot put their own self-interest ahead of beneficiaries. The Bascianos have now been directed to repay the estate millions of dollars and ordered to return improperly acquired estate property in one of the largest probate awards in the history of Pennsylvania.”
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