State investigators are looking into a retirement fund set up in the Broward County Property Appraiser’s Office by the late William Markham that was used to buy land in the Bahamas and part of the Markham family farm in Ohio.
The account is the subject of a dispute between the current property appraiser, Lori Parrish, and Markham’s family. The family says it was Markham’s personal retirement fund in which he invested part of his salary each month and should be given to his widow.
Parrish alleges that records she’s found are unclear and demanded an investigation before she does anything.
One concern is that the tax ID number used on the fund’s earnings belonged to county government, not Markham or the account itself. She also said some documents imply the account might not have been only Markham’s, and she cannot verify that Markham repaid loans against the account.
Neither Parrish nor county auditors are certain how much is in the fund, and the ownership of the Bahamas land is in question. Although bought by the retirement fund, the property was in Markham’s name.
“If it is the Markham family’s, so be it, but I want to make sure we don’t do anything inappropriate,” Parrish said.
Markham’s longtime lawyer, Gaylord Wood, said the retirement fund is neither mysterious nor out of the ordinary.
He said it was set up for Markham according to federal tax law so money could be invested in stocks and property.
“I am mystified why she [Parrish] is doing this and why she isn’t carrying out the terms of the trust,” Wood said.
Ron Ishoy, a spokesman for State Attorney Mike Satz, said this week that prosecutors are reviewing the account at Parrish’s request. Parrish also has sought an opinion from state Attorney General Charlie Crist.
According to the records Parrish has found, Markham created the deferred compensation account in 1996 for himself and named three senior aides as trustees.
In 2000, the trustees bought a vacant lot on the island of Abaco from the Ocean Exploration Society for $20,000. A year later, they bought a half-interest in the 148-acre Markham family farm for $42,000 from Markham’s brother.
Markham had been property appraiser for 36 years when he died in March 2004 at age 64.
By Scott Wyman, Staff writer
www.sun-sentinel.com
