Two heirs to a family real estate business are suing their mother to gain control of their legacy.
Andrew and Sebastian Loreti accused their mother, Maria Loreti, of violating the Uniform Transfers to Minors Act, in a complaint filed on Nov. 10 in Westchester Supreme Court.
The brothers have “repeatedly sought the recognition of their rights in the companies,” the complaint states, but their mother “continues to wrongfully withhold the shares, depriving [them] of their lawful ownership.”
The dispute concerns three corporations founded by their father, Sebastian “Sal” A. Loreti, of Rye, that own apartment buildings in New Rochelle and the Bronx.
In 2002, the complaint states, their father distributed his interests in the corporations to his children: John and Gina from his first marriage, and Andrew and Sebastian from his second marriage.
Andrew and Sebastian were under the age of 21, so their mother, Maria, was designated as a custodian, under the Uniform Transfers to Minors Act, to hold their shares on their behalf until they came of age, according to the complaint. She was not given any interest in the corporations.
In 2016, Maria allegedly transferred her sons’ interests in the corporations to a holding company, MSA Realty Corp., the complaint states, without their consent.
The brothers have since reached the age of 21, and this past May, Sebastian demanded that their shares be transferred to them.
Their mother’s attorney allegedly rejected the demand, citing an old management dispute with a relative.
The old dispute has no bearing on their ownership rights, the brothers claim. They are asking the court to declare that they are the rightful owners of shares in the three corporations and to direct their mother to transfer their shares to them without delay.
Maria Loreti did not reply to an email asking for her side of the story.
Sebastian Loreti is represented by White Plains attorney Katie Wendle, of the Baker, Leshko, Saline & Drapeau law firm. Andrew Loreti is represented by Manhattan attorney Shirin Movahed Rakocevic.
