From Lisa Demer at the Anchorage Daily News Avery accused of raiding trust fund
SECURITY AVIATION: Trustees say $52 million for planes came from May Smith Trust.
Anchorage lawyer Mark Avery is being accused in a California lawsuit of raiding the trust fund of a wealthy widow for more than $50 million to finance the mysterious, rapid growth of Security Aviation Inc. and his other business enterprises last year.
Documents in the new case, filed last week in San Francisco, suggest answers to lingering questions about how Avery, a former city and state prosecutor who lived in a Russian Jack duplex as late as 2004, managed a wild spending spree last year. In just a few months, he acquired the Anchorage air charter company and started other businesses, then stocked them with transcontinental jets, surplus Warsaw Pact military aircraft, helicopters, a house, a yacht, a fleet of SUVs and at least one vintage World War II plane.
Avery was one of three trustees for the May Smith Trust but on Wednesday, a San Francisco judge hearing the lawsuit suspended Avery's powers and ordered him not to sell any property acquired through the trust.