Plaintiff is injured in a train accident, and wins $3 million. Law firm and a money manager both get into trouble. The Story:
Attorney "Lakin was indicted April 23 on charges of cocaine use and distribution as well as transporting a minor male to Malibu, Calif. with the intent to engage in sexual activity. He is free on a $250,000 unsecured bond and his trial is set to begin Jan. 10, 2008, in Benton. "
"Stephen Williams of Chouteau, Okla. filed suit against the Lakins in federal court on Sept. 26, 2006, after his $3 million-plus, tax-free structured settlement with Union Pacific over a 1991 injury was absconded by money manager-turned thief James Gibson"
"U.S. District Judge Claire V. Eagan, chief judge of the Northern District of Oklahoma, entered the judgment on April 18 after the Lakins did not appear in the case, even after being granted extra time to answer. The case was transferred to the U.S. District Court of the Southern District of Illinois on May 24. "
"In April, the Record reported that Lakin’s malpractice insurer, the Illinois State Bar Association Mutual Insurance Co., has not paid the firm’s clients over the loss of funds.
Clients of Lakin and other firms lost about $50 million eight years ago when Gibson, the manager of their settlement funds, stole the money. "