Paul H. Melbostad and Vladislav P. Viltman, attorneys for the plaintiffs, have filed a significant lawsuit in the Superior Court of California, County of San Francisco on January 31, 2025. The complaint targets Equinity Trust Company and other defendants for allegedly mishandling securities worth nearly $2 million from the Spilios Mousalimas Trust.
The plaintiffs, Fani Kokkoros and Nick G. Tarlson, trustees of the Spilios Mousalimas Trust, allege that Equinity Trust Company wrongfully registered and transferred securities to Jody Lon Millard under false pretenses. The complaint details how Millard fraudulently claimed ownership of shares belonging to the trust by using forged documents and Medallion Signature Guarantees issued by Fifth Third Bank. The plaintiffs assert that Millard's actions led to a substantial financial loss for the trust intended to benefit cancer research facilities in Greece.
The lawsuit accuses Equinity Trust Company of failing to verify Millard's claims before transferring the securities. It further alleges that Fifth Third Bank defaulted under its Medallion Guaranty Indemnity Agreement by not indemnifying Equinity or the rightful trustee after being notified of the fraudulent transfer. Additionally, Travelers Companies Inc., which issued a surety bond to ensure indemnity by Fifth Third Bank, is accused of failing to fulfill its obligations when Fifth Third defaulted.
The plaintiffs seek judgment against Equinity Trust Company for actual damages equivalent to the value of the wrongfully transferred securities and dividends totaling $1,992,035.01. They also demand compensation from Fifth Third Bank and Travelers Companies Inc., alongside attorney fees and legal costs incurred while pursuing recovery of their property.
Representing Kokkoros and Tarlson are attorneys Paul H. Melbostad and Vladislav P. Viltman from g3mh LLP. The case is presided over by Judge Sahar Enayati with Case ID CGC-25-621996.