Latest news with #trustaccount
Globe and Mail
5 days ago
- Business
- Globe and Mail
Inception Growth Acquisition Limited Announces Additional Contribution to Trust Account to Extend Business Combination Period
New York, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Inception Growth Acquisition Limited (NASDAQ: IGTA, the 'Company'), a publicly traded special purpose acquisition company, announced today that on August 11, 2025, the Company deposited $13,249.65 into the Company's trust account (the 'Trust Account') in order to extend the period of time the Company has to complete a business combination for an additional one (1) month period, from August 13, 2025 to September 13, 2025. The purpose of the extension is to provide additional time for the Company to complete a business combination. About Inception Growth Acquisition Limited Inception Growth Acquisition Limited is a blank check company incorporated under the laws of Delaware whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities. Forward Looking Statements This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements, including the successful consummation of the Company's initial public offering, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Contact
Yahoo
28-05-2025
- Business
- Yahoo
Ex-lawyer pleads guilty to embezzling $530K from disabled client
The Brief Former Tacoma lawyer Colby Parks pleaded guilty to wire fraud for embezzling over $530,000 from a disabled client's trust account, which he managed since 2010. Parks misused funds for personal gain, leaving only $15 in the victim's trust by 2019, forcing her to sell her home; he also manipulated financial records to conceal his actions, court records say. Parks resigned his law license amid investigations, and prosecutors are seeking a prison sentence of up to 33 months. TACOMA, Wash. - A former Tacoma lawyer pleaded guilty to embezzling more than $530,000 from a disabled client over the course of a decade. Colby Parks, 65, pleaded guilty to wire fraud in the U.S. District Court in Seattle, all in connection with a years-long scheme where prosecutors say he embezzled money from a client's trust account after they were permanently injured in a motorcycle accident. Timeline According to court records, Parks became the trustee of the client's account in 2010, which was intended to help pay the victim's expenses after the accident. At first, that trust account held around $1.66 million, but for the next seven years, Parks withdrew funds for personal use, court records say. Eventually, only $20,000 was left in the account. Court records say Parks had the victim take out a reverse mortgage on her home, and Parks used the money to fund the trust account — which he then continued to transfer to his own accounts. Prosecutors say, over the course of 10 years, Parks transferred some $880,000 from the victim's trust accounts, at least $530,000 more than he was entitled to as his management fees. By 2019, the victim had only $15 left in her trust, forcing her to sell her home. Parks then siphoned some of the funds from the sale, as well, claiming it was money he had advanced her and was owed, court records say. Dig deeper Washington's Adult Protective Services investigated Parks and the victim, and he told auditors he was only paid a flat rate of $24,000, court records say. Prosecutors allege he then changed that number to $54,000 per year when they asked for documentation, but they believe he was paying himself well over $80,000 per year from the victim's trust. The Washington State Bar launched a separate investigation, at which point Parks resigned his law license rather than be disbarred. Prosecutors have requested Parks be sentenced to no more than 33 months — or 2.75 years — in prison during his sentencing, scheduled for August 29. The Source Information in this story comes from the U.S. District Court in Seattle. Sweltering weather in store for Seattle this week Motorcyclist killed, driver arrested after Puyallup crash Mom of slain Idaho victim Xana Kernodle asks for help attending Bryan Kohberger trial Seattle Memorial Day weekend 2025: Your guide to events, traffic, more Tears, heartbreak at Chase Jones sentencing—teen in fatal Renton, WA crash To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter. Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national news.
